The diverse support services company has decided it will no longer take on large, one-off mechanical and electrical engineering installation projects. A review of operations concluded that this business 鈥渄oes not help us deliver our strategy or meet the performance targets of the group鈥�, said chief executive Ruby McGregor-Smith.
M&E activity has already been reduced and will be scaled back further over the next two to three years.
Mitie also reviewed and restructured the overhead cost base within it technical facilities management and property management divisions and spent 拢4.8m on scaling these back too.
By contrast, it spent 拢11m last moth buying a home care business, Enara, which helps the sick, disabled and infirm in their own homes.
For the six months to 30 September 2012, Mitie鈥檚 revenues were up 5.6% to 拢1,027m. Pre-tax profits were down 13% to 拢37.7m.
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