Firm anticipates ’delays’ in delivering secured and prospective work this financial year

Outsourcing company Mitie has seen its share price drop after warning the City of delays in securing work before the end of the financial year.

In an interim management statement the firm said that had also failed to see any recovery in its property management business.

“We have seen little recovery in our more cyclical markets within Property Management and there is risk of some delay in delivering both secured and prospective project work before the year end,” it announced in an interim management statement this morning.

In response Mitie’s share price dipped over 4% from around 230p to 220p today.

The statement however confirmed that earnings were likely to be in line with management expectations.

Mitie also said that following the acquisition of Irish outsourcer DFM Providers for around £10.3m in June it is looking to grow across the world.

“Within the private sector, we see increasing opportunities to follow our clients overseas. Following the successful integration of our Irish FM acquisition, we are looking for further opportunities to extend our overseas capabilities.”