Mitie reports good half year performance

MITIE Group PLC announced today that for the six months to Sept. 30 pretax profit stood at £39.6 million versus a previous profit figure of £36.2 million a year earlier; the company said it confident of delivering full year earnings in line with management expectations and is very well placed for the future.

The key financial headlines are:

-Revenue stood at £801.1 million versus £760.7million

-Pre-items, pretax profit was £42.3 million versus £37.6 million

-Interim dividend 3.7 pence versus 3.3 pence

-Net profit £28.2 million versus £25.0 million

-Operating profit £40.2million versus £37.6 million

-Strong balance sheet, net debt of £72.6 million at Sept.30

-Basic earnings per share before other items up 10.8% to 9.2 pence

-Basic earnings per share 8.6 pence versus 7.9 pence

-Diluted earnings per share 8.5 pence versus 7.8 pence

-Next 12 months will provide considerable opportunities for MITIE to expand its long-term order book.

In the private sector clients continue to seek efficiency through multi-service and integrated facilities management contracts while budgetary pressures in the public sector will create substantial facilities management outsourcing opportunities, although the timing of these is currently difficult to predict.

Ruby McGregor-Smith, Chief Executive of MITIE Group PLC, commented:“MITIE’s strategic focus on sustainable profitable growth has delivered another good set of results in very challenging economic conditions. The acquisition of Dalkia Technical Facilities Management has significantly enhanced our capabilities in energy management. The next 12 months will provide considerable opportunities for MITIE to expand its long-term order book. In the private sector clients continue to seek efficiency through multi-service and integrated facilities management contracts while budgetary pressures in the public sector will create substantial facilities management outsourcing opportunities, although the timing of these is currently difficult to predict.....The Board is confident of delivering full year earnings in line with management expectations and the Group is very well placed for the future.”