FCA ends probe into Mitie’s 2016 profit warning

The UK’s financial watchdog has ended its investigation into outsourcer Mitie, the company said on Wednesday.

The Financial Conduct Authority started looking in to the company last summer in connection with the timing of its profit warning towards the end of 2016.

In a brief statement, the company said the probe has now been discontinued. It gave no indication of the outcome or the reason for discontinuing the investigation.

Shares in the company dropped more than a quarter in a single day after the warning in September 2016, in which the FTSE 250 group blamed Brexit-related uncertainty, government spending cuts and a rise in labour costs for dragging down profits. Ruby McGregor-Smith stepped down as Mitie’s chief executive shortly after the announcement.