Facilities management group says it is open to acquisition opportunities due to strong cash flow

Facilities management group Mitie has said it is looking for takeover targets thanks to its healthy balance sheet.

In a trading update to the City, the group said: “Our strong cash flow continues to give us significant financial flexibility to take advantage of any acquisition opportunities that may arise.”

Elsewhere, it said it had secured a record 83% of budgeted revenue for the year ended 31 March 2009 compared with 81% last year.

A company statement said: “Trading in our market remains favourable. Outsourcing is a recognised way for companies to reduce costs.

“Consequently we continue to see opportunities to grow.”

The consensus forecast for the year ended 31 March 2009 is pre-tax profit of £77.6m on turnover of £1.54bn.