MITIE posts strong half-year results

MITIE has reported a 5.6% increase in revenue to £1,026.6m for the six months ending 30 September 2012 and has a strong order book going forward.
Operating profit was up 2.5% to £52.9m before other items, while operating profit margin before other items was 5.2%.

During the half-year the company won major new contracts including one with Golding Homes worth £70-£120m over ten years.

The company's order book is up 4.7% or £0.4bn to £9.0bn and it says that it has a strong pipeline of potential bid activity, which currently totals £10.5bn. In addition, 98% of the firm's 2012-13 budgeted revenue was secured at 30 September this year and 72% of the 2013-14 forecast revenue is secured.

Chief executive of the MITIE Group Plc, Ruby McGregor-Smith, said: 'This has been a positive start to the year for MITIE. 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.'

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19 November 2012


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