PROBE INTO A MITIE PLUNGE

The City watchdog is investigating a profit warning made by outsourcing giant Mitie last year. Nearly £280million was wiped off Mitie’s stock market value when, last September, it revealed it had taken a big hit from the weaker economy, rising wage costs and Government cuts. The Financial Conduct Authority has started a probe into the “timeliness” of the announcement and aspects of the firm’s annual results for the year to March 2016. Mitie’s Tory peer boss, Ruby McGregor Smith, quit in December with a £740,000 pay-off. The firm, now run by ex-British Gas bigwig Phil Bentley, said it was “cooperating with the FCA”.