Investigation centred on profit warning from September 2016

Mitie

The Financial Conduct Authority has dropped its investigation into Mitie over the timing and content of a profit warning.

The FCA revealed it was investigating a profit warning that sent shares in Mitie tumbling by a quarter when it was released in September 2016.

But in a statement to the Stock Exchange, this morning Mitie said the financial watchdog had now drawn a line under the probe which it had announced back in August last year.

At the time of the profit warning, Mitie said Brexit uncertainty and other 鈥渆conomic pressures鈥� would lead to 鈥渧ery significantly lower鈥� operating profit than expected for the six months until the end of September 2016.

The warning, one of three made by the firm in 2016, was issued when Ruby McGregor-Smith was chief executive. She left a month later and was replaced by former Cable & Wireless boss Phil Bentley.

 

 

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