Partner Article

MITIE report comfortable start to the year

Outsourcing and energy services firm MITIE has made a “good start to the year,” partly thanks to a new £775m contract with Lloyds Banking Group.

In an interim management statement, the Bristol-based firm suggested it was well placed for organic growth in the current financial year.

The company has also been awarded a new contract to provide front-of-house services at RBS for five years, with an expected total value of £30m.

At the end of July, MITIE acquired a 51% stake in UK independent events and leisure catering company, Creativevents Limited, from the management company.

The initial consideration payable is a maximum of £6m, with £5.2m paid in cash on completion, and the remainder payable in cash dependent on certain conditions.

MITIE said the move will help to support their catering services, across exhibition, sporting, festival, culture and heritage sectors.

The firm also outlined public sector involvement, and highlighted justice, health, local authority and social housing markets as their key areas.

An expanded contract with the Scottish Government and partners is valued at £30m, and another with the City of London Corporation is expected to total £26m.

This was posted in Bdaily's Members' News section by Tom Keighley .