Strong results for Mitie

MITIE Group PLC , the leading facilities and maintenance specialist announced this week an 11% growth in profits

The group reported a pre-tax profit of £78.4million for the year to 31 March, compared with £70.6million in 2008. Turnover was £1.52billion, up 8.2% on last year's figure of £1.4billion. Margins rose to 5.3% during the year, up from 5.1% in 2008, and the group's order book grew 11.4% to £4.9billion.

Highlights

• Strong revenue growth of 8.2% to £1,521.9m

• Operating profit before amortisation up 11.5% to £80.5m

• Margins improved to 5.3% (2008: 5.1%)

• 97.5% of EBITDA converted to cash (2008: 90.3%)

• Net funds of £10.9m and committed banking facilities of £230.0m until 2012

• Basic EPS up 16.8% to 16.7p

• Dividend up 15.0% to 6.9p

• 74% of 2009/10 forecast revenue secured (2008: 78%)

• Order book increased to £4.9bn (2008: £4.4bn)

Ruby McGregor-Smith, Chief Executive of MITIE Group PLC, commented:"MITIE has delivered another excellent set of results. We are making strong progress as clients increase outsourcing in their drive for efficiency at this stage in the economic cycle. We are benefiting from a sustained level of outsourcing and asset management opportunities as contracts become more sophisticated, larger and longer-term and client strategies respond to the challenges of the global low carbon economy.

"Our people, balance sheet strength, long-term order book, attractive bid pipeline, committed banking facilities and lack of debt put us in a good position to continue our track record of sustainable profitable growth. "