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Mitie Share Price Falls on Tumbling Profits and Revenues

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Nigel F

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.

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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 F
Nigel F
Team Member

Nigels tiefes Verständnis der Finanzmärkte basiert auf über 10 Jahren Erfahrung. Nigel wurde bisher zweimal von der FCA (Financial Conduct Authority) autorisiert und hat in der letzten Zeit eine Finanz-Brokerage Firma besessen und verkauft. Er liefert hochaktuelle Analysen und Einsichten in die Finanzmärkte und in die allgemeine Wirtschafts- und Währungspolitik des Vereinigten Königreichs, der USA, Europas und Asiens.