Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

M&E issues continue at Mitie

Mitie has warned losses from its mechanical and electrical engineering business are likely to be greater than expected in the second half of 2013.

In its interim management statement for the period from 1 October 2013, Mitie said losses from its M&E business in the second half of 2013 would be £3m to £5m higher than they were in the first half.

Last November, Mitie’s results for the six months to 30 September revealed declining revenues in its M&E business with £4.3m worth of losses during the period, although profits were up 13 per cent across the company as a whole.

At the time, it predicted losses to be lower in the second half of the financial year.

However, the exit from the M&E sector is taking Mitie “slightly longer than anticipated”, it said in the IMS.

Mitie said it is continuing to reposition the business to target higher growth and higher margin areas, including facilities management, property management, and healthcare.

In addition to quitting the M&E sector, Mitie is continuing to reduce its exposure to the loss-making construction element of its asset management business.

The statement said: “We continue to re-position the group away from low growth, low margin activities and we remain very positive about the range of outsourcing opportunities across our key markets.

“Mitie is well positioned to deliver good organic growth, particularly in facilities management and healthcare, and maintain strong margins.”

Readers' comments (1)

  • Although you are closing down M&E Division and concentrating on FM and Healthcare. Why can't you incorporate, at a much lesser staff level the M&E aspect into FM and Healthcare.
    I look forward to a reply

    Geoff Smith, 67 Newlands Ave, Didcot, Oxon. OX11 8QA
    Tel 01235 812691
    E Mail didcot_rugby@yahoo.co.uk

    Unsuitable or offensive? Report this comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.