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Mitie Share Price Falls on Tumbling Profits and Revenues

Nigel Frith Nigel Frith
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Shares of Mitie Group PLC (LON: MTO) fell over 9% on Thursday after the company reported lower profits and revenues amid the pandemic.

The facilities management firm recorded a pre-tax profit of £14 million, which is over 40% lower than £24.9 million reported in the prior year.

Similarly, Revenues fell to £972.4 million from £1.08 billion in the previous year. The pandemic has also dragged on the order book as its value fell to £4 billion from £4.1 billion.

Following lower profits and revenue, Mitie cancelled its interim dividend.

“Although COVID-19 continues to challenge us all, I am incredibly proud of how our business has responded and I am in awe of our 37,500 front-line heroes who have ensured we continued to deliver our exceptional customer service throughout the pandemic”, MITIE chief executive Phil Bentley said in a statement.

Mitie stock price tumbles on crashing profit November 2020

Mitie share price initially fell more than 9% before settling at 39.60p, or 4.35% in the red on the day.

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Nigel Frith
Nigel Frith
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Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.

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