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       GB0001528156

INTERSERVE PLC

End-of-day quote. End-of-day quote London Stock Exchange - 03/15
6.0475 GBX   -36.97%
01/18Kier in talks to buy rival tilbury douglas
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2021Grant Thornton fined ú700,000 by FRC in second audit failings scandal
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2021Grant Thornton and partner fined over ú750,000 for Interserve audit
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Mitie sees full-year profit slightly below expectations

03/31/2015 | 03:59am EST

LONDON (Reuters) - British outsourcing company Mitie (>> Mitie Group PLC) said its full-year operating profit was likely to be slightly lower than forecast, as cuts in local government spending pressure its home care and social housing businesses.

LONDON (Reuters) - British outsourcing company Mitie (>> Mitie Group PLC) said its full-year operating profit was likely to be slightly lower than forecast, as cuts in local government spending pressure its home care and social housing businesses.

Shares in the company dropped more than 5 percent in early Tuesday trade, the biggest fall on the FTSE 250 <.FTMC> mid-cap index. They were down 4.4 percent at 279 pence by 8:23 a.m.

"A small profit warning which we believe could well be the start of a few more issues emerging," said Whitman Howard analyst Stephen Rawlinson.

"It is not new news that local authority budgets are constrained, Mears (>> Mears Group PLC) and Interserve (>> Interserve plc) have told us already, but clearly expectations have been set at the wrong level or perhaps there are underlying issues that are now starting to surface," he added.

He has a "sell" rating on the stock.

Mitie, whose property management and home care businesses account for around 10 and 5 percent of group revenue respectively, said it would continue to invest in and support the businesses and was confident of longer-term opportunities.

The company, which runs services ranging from maintenance and cleaning to baggage screening at London's Heathrow airport, also said full-year revenues would be broadly in line with expectations due to a strong performance in its facilities management business.

It was expected to report 113.65 million pounds in pretax profits, according to the average estimate in a Thomson Reuters poll of 11 analysts before its trading statement.

Mitie reported the total losses from its exit of its mechanical and electrical engineering construction business would now range between 15 and 16 million pounds.

It will report its preliminary results for the full year on May 18.

(Reporting by Li-mei Hoang; Editing by Mark Potter)

Stocks treated in this article : Interserve plc, Mears Group PLC, Mitie Group PLC

ę Reuters 2015
Stocks mentioned in the article
ChangeLast1st jan.
FTSE MID 250 INDEX -0.97% 21643.3 Delayed Quote.-6.89%
MEARS GROUP PLC 0.25% 197 Delayed Quote.4.24%
MITIE GROUP PLC -5.32% 60.5 Delayed Quote.-0.93%
SET 0.33% 1639.51 Real-time Quote.-1.41%
All news about INTERSERVE PLC
01/18Kier in talks to buy rival tilbury douglas
AQ
2021Grant Thornton fined ú700,000 by FRC in second audit failings scandal
AQ
2021Grant Thornton and partner fined over ú750,000 for Interserve audit
AQ
2021INTERSERVE : Mitie doubles first quarter revenue on back of Interserve acquisition
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2021INTERSERVE : Mitie forecasts better year as customers start to spend again
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2021INTERSERVE : Unions hold last-ditch talks to avert Cumberland Infirmary strike
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2020INTERSERVE : wins Âú3.6million facilities management contract
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2020INTERSERVE : begins Âú1.4m refurbishment programme to create robotics centre at Sheffield ..
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2020INTERSERVE : Autograph Food wins top accolade for dishing up tasty vegetables to children
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2020INTERSERVE : Compliance and Energy Team Offers Customers the Full Suite of Fire, Water and..
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Managers and Directors
Mark Nicholas Morris Chief Financial Officer & Director
Alan Charles Lovell Non-Executive Chairman
Sally Joanne Cabrini Director-Transformation, IT & People
Charles Nicholas Pollard Independent Non-Executive Director
Martyn John Everett Non-Executive Director
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