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Mitie Group announces year end results

Published 3rd July, 2015 by Neil Nixon

Mitie Group announces year end results

Mitie has recently announced its results for the six months ended 30 September 2014. The FTSE 250 company's headline results reflect strong revenue and earnings growth, with revenues up 5.8% to £2266.2 million, plus sector-leading organic growth of 6.1% in FM. Operating profit before other items increased by 0.9% to £128.6 million.

In this period Mitie, which employs about 70,000 people across the United Kingdom and Europe, was awarded new contracts which include:

• An extension of its transformational partnership with Lloyds Banking Group until 2022.
• A seven year £90 million contract with Royal Cornwall Hospitals NHS Trust to deliver soft facilities management services.
• A major bundled contract with Jones Lang LaSalle to deliver a range of FM services with an estimated value of £85 million over a three to five year period.

Ruby McGregor-Smith CBE, chief executive of Mitie, said: “Mitie has made good progress this year. We have repositioned the business and lowered our risk profile. Our facilities management business accounts for c.85% of group revenue and is a UK market leader. We see considerable opportunities across our markets, to provide clients with higher quality, innovative services that save them money. We also see this as a positive environment in which to start and grow new businesses, and we plan to back entrepreneurs to do this through our £20 million 'Mitie Model' entrepreneurial fund. We are only as good as all our people, and supporting and developing them is critical to our ongoing success. We are focused on generating profits backed by cash, maintaining strong margins and grow the dividend. With a substantial order book and sales pipeline, we are well placed to deliver consistently strong growth. We look ahead with confidence.”

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