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Mitie Group anticipates positive future following 133% pretax profit rise

British strategic outsourcing and energy services company Mitie Group plc has revealed a 133% increase in pretax profits, announcing its final results for 2016.

Whilst revenue slightly decreased by 1.8% for the Bristol-headquartered firm, the company still achieved a turnover of £2.23bn whilst its pretax profit takings more than doubled to £96.8m, up from £41.5m last year.

The firm cited good performance in Facilities Management (FM) business, which attributed for 84% of group revenues, as a major contributor to the success.

The business says it is also well-positioned for the future, revealing that 82% of its budgeted revenue has been secured for 2016/17 and its sales pipeline is buoyant at £9.1bn.

Mitie works on large-scale national contracts for customers such as Rolls-Royce, Cable & Wireless, and Marks & Spencer as well as high profile contracts such as The Tower of London and the Royal Opera House.

Ruby McGregor-Smith, Chief Executive of Mitie Group plc, said: “Mitie has had a good year, with strong margins and profits. I am delighted that the dividend is increasing for the 27th consecutive year.

“We are a pure services business with a strong position in our chosen markets. We operate long-term contracts for a blue chip client base and are well diversified across the private and public sectors.

“Our business model is flexible, resilient, low risk and has proven to be responsive to client needs and market conditions over three decades.

“We continue to see a range of good outsourcing opportunities across our key markets and anticipate modest growth in the coming year. We remain positive about the group’s prospects for the future.”