The UK's markets watchdog is investigating the timing of a FTSE 250 company's profit warning

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LONDON — Outsourcing firm Mitie has said it is being investigated by the Financial Conduct Authority (FCA) in regards to the timing and content of a profit warning issued last year.

Mitie, a FTSE 250 company whose clients have included National Rail and the Scottish Government, said it was “fully co-operating” with the regulator.

The profit warning was issued in September last year, and caused shares to plummet. At the time the company blamed Brexit uncertainty and “economic pressures,” such a weak UK growth rates and public sector cuts.

It said it did not intend to update the market until after the investigation.

Shares were down 0.68% as of 08:35 BST (03:35 EST) on Tuesday morning, although remain almost at the level they were before last September’s warning.

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