Strong first half results announced by MITIE

25 November 2010

MITIE Group delivered some excellent half-yearly figures for the period up to 30 September 2010. Revenue showed a strong growth of almost 15% and operating profit grew 13.1% to £48.4m. Facilities Management and Technical Facilities Management continued to secure a large number of new contracts and first half revenues grew organically by 3.3% and 11.0% respectively.

Ruby McGregor-Smith, Chief Executive of MITIE Group PLC commented " MITIE has delivered another strong set of results underpinned bt progressive revenue development, continued investment and strong cash flows. We have enhanced the Group's growth potential through our continued focus on organic growth, supplemented by selective acquisitions and through the development of our business model overseas in line with our strategy"

During the period MITIE secured contracts to provide total facilities and energy management to Vodafone's entire property portfolio in the UK and Ireland. Other major new contract wins include, Rolls Royce, Manchester Airport and the Royal Opera House.

Commenting on the future Ruby McGregor-Smith went on to say"Our well diversified portfolio of public and private sector work and high quality client base has demonstrated strength and resilience against a backdrop of economic uncertainty and political change. This has given us the capability and confidence to maintain our investment in people, technology and new markets all of which have been major contributors to the development of our strong pipeline and contract base during the period.

Overall market conditions in the medium term remain positive for outsourcing. Our integrated models offer innovation and provide tangible evidence of the cost and carbon efficiencies that we can achieve to meet the demands of both the public and private sector clients. We retain our focus on the strategy of delivering sustainable growth and are confident that full year earnings will be in line with management expectations."