Services business Mitie Group has bagged pre-tax profit of more than 30%. The result for the year to 31 March 1999 is the firm’s 10th in a row that has made this level of return.
Mitie, which is almost 50% staff-owned, is now seeking to expand into property outsourcing and grounds maintenance, according to chairman David Telling.
But Telling said he did not want to become “a hostage to fortune” by committing to a 30% rise next year.
The firm’s strategy is to take a controlling interest in start-up companies and buy them at a later date. It now owns roofing, painting, plant hire, cleaning, catering and maintenance businesses.
Profit before tax for the building services division was up from £6.3m to £7.7m on turnover up 8% to £148.1m. And a pre-tax profit boost of 42% to £6.8m for the support services arm on turnover up 16% to £116.3m, took total pre-tax profit to £14.5m.
