Mitie performs in line with expectations

Facilities management company, Mitie, reports that it is set to earn revenues in line with previous expectations and was" continuing to see good growth opportunities in its chosen markets, as economic conditions create momentum for further efficiencies in both the public and private sectors ".

In a trading update the firm said it has contracted 78% of its expected earnings for the year, five percentage points down on its position last year, when it had contracted 83%. It said it had committed debt funding of £230million until 2012.

However it said it was seeing “challenging” trading conditions in its property management and asset management business, as the interior fit-out and new build housing markets continue to struggle.