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Wed October 28 2020

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Mitie upbeat on prospects and see profits rise

22 Nov 10 Mitie Group has reported strong half-year results, with revenue up nearly 15% and pre-tax profit up more than 12%, and declared itself well placed for further growth.

The facilities management company had revenues of £918.7m in the six months to 30 September 2010, compared with £801.1m in the same period in 2009. Profit before tax and other items was up from £42.4m last year to £48.4m.

Several major contracts have been taken on for clients including Vodafone, Rolls Royce, Manchester Airport and the Royal Opera House.

Chief executive Ruby McGregor-Smith said: “"MITIE has delivered another set of strong results underpinned by progressive revenue development, continued investment and strong cash flows. We have enhanced the Group's growth potential through our continued focus on organic growth, supplemented by selective acquisitions and through the development of our integrated business model overseas in line with our strategy.

"Overall, market conditions in the medium term remain positive for outsourcing. Our integrated models offer innovation and provide tangible evidence of the cost and carbon efficiencies that we can achieve to meet the demands of both our public and private sector clients. We retain our focus on our strategy of delivering sustainable, profitable growth and are confident that full year earnings will be in line with management expectations."

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