GRAHAM HISCOTT
The accountancy watchdog has launched a new investigation into troubled outsourcing giant Mitie.
The Financial Reporting Council will look at the preparation of Mitie’s accounts for the year to April 2016, rather than the company itself.
It is already investigating auditor Deloitte, which signed off the accounts.
Mitie, which does a whole host of work for other companies, said profits slumped from £15.8million to £6.1m in the six months to the end of September.
Boss Phil Bentley chopped the interim dividend by 66% and has put its property management business up for sale. Desperate car dealers are slashing up to a quarter off the price of new diesels ahead of a feared tax hike in this week’s Budget.
Research by What Car? magazine shows garages are offering an average of £2,716 off a new diesel. That compares with £2,162 off a new petrol car.
Volkswagen, still reeling from the Dieselgate scandal, is offering the biggest discounts. Buyers can get 25.2% off the list price of a diesel Jetta, 24.1% off a Golf, and 23.2% off a Passat. What Car? says its research does not include a wave of “scrappage” discounts offered by car makers. It comes amid reports that Philip Hammond might raise VAT on diesel fuel or hike road tax rates for diesels in the Budget. Sales of new diesels crashed nearly 30% in October, said the Society of Motor Manufacturers and Traders. Claire Evans, consumer editor at What Car?, said: “The dramatic rise in discounts is a direct response to a slump in demand caused by the Government’s demonisation of diesels and a lack of understanding from consumers of the new cleaner ‘Euro 6’ diesels out now. It’s a perfect storm.” Budget fashion firm Bonmarche doubled profits in what it called a “difficult market”. The chain made £4.2million in the six months to the end of September, as sales grew 5% to £98m. But the firm warned it faced “considerable uncertainty”, especially with the Black Friday bargain blitz looming and rivals slashing prices. It also admitted that it suffered tough trading in October.