Profit up 12.5% at facilities management group and it expects to benefit from clients increasingly outsourcing FM work
Mitie has reported a 12.5% growth in half-year profit and said financial pressures on clients will boost outsourcing opportunities in the year ahead.
The facilities and property management group posted pre-tax profit of £42.3m for the six months to 30 September, up from £37.6m last year. Revenue rose 5.3% to £801.1m, up from £760.7m in 2008 while its margin was 5.3%, up from 5.1% last year.
The firm said its balance sheet was “strong” and it has a net debt of £72.6m. The group has secured 58% of forecast revenue for 2010/11, it added.
Chief executive Ruby McGregor-Smith said the coming year would bring opportunities in facilities management and outsourcing and the firm was on-track to meet expectations.
She said: “In the private sector clients continue to seek efficiency through multi-service and integrated facilities management contracts while budgetary pressures in the public sector will create substantial facilities management outsourcing opportunities, although the timing of these is currently difficult to predict.
"The board is confident of delivering full year earnings in line with management expectations and the group is very well placed for the future."