Mitie has embarked on a £45 million cost efficiency programme amid a "challenging" year for the Group.

In its preliminary results for the year ended 31 March 2017, the facilities management group reported a pre-tax loss of £193.4 million. Turnover remained balanced at £2.14 billion, however the company made an operating loss of £42.9m compared with a £107.6m profit last year.

The losses are down to a major accounting review, with £88.3m attributed to one-off accounting adjustments. The company also took a £132.2m hit by exiting the domiciliary healthcare market.

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Phil Bentley, Chief Executive of Mitie, said: "This has been a challenging year for Mitie. We have reported a loss as a result of the one-off accounting adjustments arising from the Accounting Review. We are now focused on the future of the business and I am encouraged that our Order Book has held up and our Pipeline is growing.

"Following a full strategic review we are investing in technology in the workspace to meet our customers' evolving needs and we are embarking on a major cost reduction programme. With the support of our 53,000 colleagues, we will take Mitie "Beyond FM…to the Connected Workspace."

(LM/MH)