Mitie hit by fall in orders

OUTSOURCING giant Mitie saw its shares drop more than 7pc as it warned of a sharp fall in orders.

In a full-year trading update, Mitie said it is expecting profits to rise to as much as £87m, up from £83.2m in 2017/18.

But it revealed that its order book is estimated to have fallen by around 10pc over the year, causing its shares to plummet 7.2pc, or 10.8p, to 139.2p.

Mitie is in the second year of an overhaul. It was forced to launch the wideranging turnaround plan after a string of profit warnings amid a torrid time for outsourcers following the collapse of rival Carillion last year.