Mitie may have avoided the woes and reputational problems that have plagued its fellow outsourcers Serco and G4S, but its halfway figures do not make particularly pleasant reading.
For the third year in a row, Mitie has had to take significant write-downs because of its exit from construction as well as mechanical and electrical engineering, the original core business. M&E will rack up losses of £11 million to £15 million in the year that ends in March.
In addition, a provision of £45.7 million was taken to cover the end of, or exit from, four contracts being carried out by the asset management side, another business deemed non-core. Mitie is out of one entirely, for a healthcare authority, crystallising a loss.
The company insists that