March 16, 2018 / 7:31 AM / 7 months ago

British outsourcer Mitie sees higher costs from turnaround programme

(This March 16 story corrects third paragraph to show it is the preparation and approval of 2016 financial statements that are being investigated, not the statements themselves or the company)

(Reuters) - British outsourcing company Mitie Group (MTO.L) said on Friday it expected annual costs associated with its turnaround programme to be higher than its previous estimates.

The company, which is in the midst of a recovery drive, said the turnaround costs were expected to be about 35 million pounds for the year ending March 31, compared with its previous estimate of 24 million pounds.

Mitie also said it expected latest full-year revenue to grow 2-2.5 percent to 2.2 billion pounds. Britain’s Financial Reporting Council said on Nov. 20 it had concluded a review of Mitie’s annual report and accounts for the financial year ended March 31, 2016. It also said it had launched a separate investigation in relation to the preparation and approval of the financial statements for Mitie for the year ended March 31, 2016. Mitie confirmed in a statement on the same day that this investigation was not into Mitie itself or the current management team.  

Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Gopakumar Warrier

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