Facilities management firm benefits from economic conditions to earn revenues in line with expectations

Facilities management expert Mitie said it is set to earn revenues in line with previous expectations, as customer seek further efficiencies from their property assets in the downturn.

In a trading update the firm said after it was benefitting from economic conditions which were “creating momentum for further efficiencies in both the public and private sectors,” and that it was seeing “good growth opportunities.

It 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 £230m 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.