Mitie order book reaches new high
The growth of outsourcing has helped push revenues at facilities management contractor Mitie past the £2bn milestone and its order book past £8bn, which is a new high for the company.
Mitie Group has reported revenues for the year to 31 March 2012 up 5.9% to £2,002.5m (2011: £1,891.4m). Organic growth accounted for 5.4% of the rise.
Profit before tax increased by 8.9% to £94.5m (2011: £86.8m).
The order book has also increased strongly, up 26% during the year to a record £8.6bn (2011: £6.8bn).
The company said that while the trend towards integrated services was not new, the rate of change is now accelerating, with more clients are asking it to take on more services.
Energy services is also growing in importance, now accounting for 34% of revenues.
Chief executive Ruby McGregor-Smith said: "This has been a transformational 25th year for Mitie. We have made excellent progress on all of our key strategic objectives, achieved sector-leading organic growth and been awarded a number of significant contracts that are enhancing our business.
"This success is an endorsement of our long-term strategy to invest in our integrated facilities and energy management capabilities, which will underpin the continued growth of our business. As governments and businesses seek cost and energy efficiencies, our track record for service delivery, innovation and efficiency will continue to differentiate us.
"Financially robust, we have a clear strategy for the development of our business, supported by a buoyant sales pipeline and an order book that stands at record levels. We are confident that the exceptional track record of sustainable, profitable growth that we have achieved for 25 years will continue."
Major contract awards during the year include a £775m five-year deal with Lloyds Banking Group to provide facilities management services, and contracts with Ministry of Justice, Essex County Council and West Midlands Construction Framework.
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This article was published on 21 May 2012 (last updated on 21 May 2012).