Mitie reports "Strong growth and a step-change in capability"

Outsourcing specialist MITIE has posted a better than expected 17% rise in pre-tax profits to £91.7 million for the year to March 31, while orders jumped from £4.9 billion to £6.4 billion.

Contracts won since the year end include a £140 million six-year deal to manage the national property portfolio of rival outsourcing firm Capita.

MITIE ,which stands for Management Incentive Through Investment Equity ,has more than 56,000 full and part time staff with several thousand employees holding equity stakes in the business.The group offers services from property management, cleaning security and maintenance to advice on cutting carbon emissions.

MITIE said 55% of its £1.72 billion revenues last year were accounted for by private sector clients, where the group has seen an "increasing level of tender activity for all services".

Ruby McGregor-Smith, Chief Executive of MITIE Group PLC, commented:
“MITIE has made excellent progress in the past financial year, creating a step-change in its capabilities with two strategic acquisitions. We have delivered double digit growth in revenue, underlying earnings and dividends.We have excellent visibility of future revenues, a growing long-term order book and an unprecedented level of bid opportunities.We have experienced an extremely positive start to the new financial year with new contract awards which demonstrate our ability to provide complex integrated services utilising MITIE’s extensive capabilities. We are at an exciting stage in the evolution of the business and we look forward to a year of opportunity and strong growth.”