MITIE

Brexit Disclosures in Listed Company Annual reports

The referendum vote to leave the European Union (EU) has undoubtedly led to uncertainty for business and will potentially have far reaching impacts for companies from many different industries. This report, pulled together in March 2017, focuses on the information that companies have disclosed within their annual reports during the latter half of 2016. It sets out disclosures around risk as well as the disclosure of Brexit impacts which have already been felt and the resulting ramifications.

Mitie Group plc Monitor

Mitie Group plc Annual Report 2016
CR Monitor Issue: 
2016/1004
Company covered: 
Mitie Group plc
Period End: 
31 March, 2016
Report issued on 10 October 2016 covered the following practice issues:
Change
New table published disclosing the impact of principal risks on its strategic aims.
New
Recognition of impairment loss due to discontinuance of contracts.
Pronouncements
Viability statement published looking ahead for three years.
Inconsistent
No reference to restatement of prior year segmental information following change in segmental reporting structure.

MITIE Group plc Monitor

Mitie Group plc Annual Report 2014
CR Monitor Issue: 
2014/0904
Company covered: 
Mitie Group plc
Period End: 
31 March 2014
Report issued on 12 September 2014 covered the following practice issues:
Change
Deferred contingent consideration disclosed at Level 3 of hierarchy of fair value measurement.
Change
Increased disclosure as profit from joint ventures and associates recognised.
Pronouncements
Auditors' report describes how risks of material misstatements were addressed.
Change
New format for directors' remuneration report adopted.

MITIE Group plc Interims Monitor

Interim Financial Report
CR Interim Monitor Issue: 
2013/0313
Period End: 
30 September 2012
Listing Status: 
FTSE Mid 250
ICB Industry Classification: 
2791 Business Support Services
Auditor: 
Deloitte
Pronouncements
Revised pension requirements expected to decrease profit.
Pronouncements
No changes on adoption of new Amendments and Interpretations.
Change
Financing of acquisition disclosed in going concern note.

MITIE Group plc

MITIE Group plc Annual Report 2012
CR Monitor Issue: 
2012/1002
Company covered: 
MITIE Group plc
Period End: 
31 March 2012
Report issued on 09 October 2012 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Order book introduced as a key performance measure.
Restatement
Adjusted operating profit restated to exclude comparative pension credit.
Change
Disclosure of variances between settlements and original amounts of contingent consideration.
Change
Increase in equity accounting disclosures.
Change
Salary increases added to sensitivity analyses of pension obligations.
Divergence
Infrastructure assets recognised, but no accounting policy given.