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

It has secured a record 83% of budgeted revenue for the year ended 31 March 2009 compared with 81% last year. It said: “Trading in our market remains favourable.” The consensus forecast for the year ended 31 March 2009 is pre-tax profit of £77.6m on turnover of £1.54bn.