Member Article

MITIE posts strong revenue growth

Outsourcing services company MITIE have reported strong revenue growth of 5.6% to £1,026.6m, boosted by their largest ever contract with Lloyds bank.

The group said significant new contracts with BSkyB, worth £100m, and Golding Homes, worth between £70-£120m, had also helped to deliver growth.

Elsewhere, MITIE acquired home care firm Enara in October, paving the way for them to enter the £8bn home care market.

Pre-tax profit was posted at £48.8m, and the firm said its balance sheet was robust. Ruby McGregor-Smith CBE, Chief Executive of MITIE Group PLC, commented: “We have made this progress in the face of a tough economic climate and a difficult macroeconomic outlook, with continuing challenges within our more cyclical markets. However, we remain positive about the range of outsourcing and energy services opportunities across our key markets and continue to see a growing order book as well as a strong pipeline of sales opportunities.

“We expect total revenue growth to be higher in the second half as a result of both the organic revenue contribution from new and expanded contracts including Lloyds Banking Group, and the acquisition of Enara.

“We are confident that we will continue to build on our long track record of sustainable, profitable growth.”

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