Mitie Group has reported a pre-tax profit of £46.9 million for the year ended 31 March 2005. This is a rise of 16·3% on the previous year’s results. The group, which includes m&e contractor Mitie Engineering Services, posted a 17·9% increase in turnover to £818.6 million.

Mitie put the figures down to its recent signing of 15 PFI contracts in 33 schools. It is the preferred bidder on five further contracts. Chair David Ord said: “We operate in a market that, although it is competitive, has plenty of opportunities for growth,” before identifying the government’s Schools for the Future as one such opportunity.

The Group reported a successful year in engineering maintenance but said that the engineering services arm was operating in a difficult trading climate.

The Group has secured 70% of budgeted revenue for 2006. It is now looking to grow through acquisitions and organic growth.

Source

Electrical and Mechanical Contractor