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Thu September 23 2021

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Mitie confident about 2010

29 Jan 10 Mitie has issued an upbeat interim management statement for the period from 1 October 2009 to date.

Mitie has issued an upbeat interim management statement for the period from 1 October 2009 to date.

The statement said: “Group earnings continue to grow in line with management expectations and the Board is confident that earnings for the full year will also meet management expectations.

“We have successfully retained and expanded a number of existing contracts and have secured new work across all three divisions. The Facilities Management team has had a particularly good quarter being awarded contracts with clients from the financial services, transport and utilities sectors.

“We are seeing a high level of facilities and property management opportunities and the trend towards multiple service and facilities management contracts continues as clients look for efficiencies in their cost base.

“The relatively small parts of our business exposed to the new build and fit-out elements of the construction industry have seen no further deterioration in market conditions but are yet to see sustained evidence of recovery and we are still experiencing slippage on some projects.

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The firm launched Mitie CarbonCare in December which brings together energy management, compliance, engineering and renewable energy capabilities into one service.

Mitie acquired Environmental Property Services in November which is being integrated into the social housing business of its Property Management division.

The statement added: “Mitie has a strong balance sheet and committed funding lines of £230m in place until January 2012. This gives Mitie the capacity to take advantage of value creating opportunities as they arise and are considered appropriate by the Board.”

It concluded: “2010 should provide considerable opportunities. Private sector clients are consolidating contracts as they seek to obtain cost and carbon efficiencies. We also expect the public sector to increase levels of outsourcing in response to budgetary pressures although the timing of such activity is currently difficult to predict. The Group is well placed for the future.”

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