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Financial watchdog drops Mitie investigation

The Financial Conduct Authority has ended its investigation into Mitie after 10 months.

The watchdog had been looking into the timing of a profit warning the company issued on 19 September 2016, along with the preparation and content of Mitie’s financial results for the year to 31 March 2016.

On Tuesday the company was informed that the investigation, which had been running since August last year, would be ended.

A separate investigation into accountants who prepared Mitie’s 31 March 2016 accounts, but not into the company itself, is still being carried out by the Financial Reporting Council.

Mitie has confirmed the investigation does not relate to any current directors, former non-executive directors or former chief financial officer Sandip Mahajan.

The FRC is also investigating Deloitte for its auditing of Mitie’s 2015 and 2016 accounts.

Mitie recently reported a £24.7m loss on revenue of £2.2bn for the year to 31 March 2018.

Chief executive Phil Bentley said: “We are one year into our transformation programme and we are where we need to be.”

Mr Bentley told an MPs’ select committee last month that the public sector should avoid awarding outsourcing contracts to “companies with huge construction risk”.

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