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MITIE posts strong results

MITIE Group has reported a 5.9% increase in revenue to £2,002.5m, 5.4% of which is organic, in its results for the year ending 31 March 2012.
Operating profit before other items was up 7.2% to £111.7m, while operating profit margin was strong at 5.6%.

In addition, the company reports a record order book, up 26% to £8.6bn and a buoyant pipeline of potential bid activity, which currently stands at £11.2bn. In addition, 83% of the 2012-13 budgeted revenue has been secured.

MITIE has won a contract to deliver facilities management services for Lloyds Banking Group, worth £775m over five years, and one of the biggest private sector contracts of its type. In the private sector it has also significantly expanded existing relationships with the Cumbrian Collaboration and Diageo.

Meanwhile, in the public sector, the firm has secured key contracts with the Ministry of Justice, Essex County Council and West Midlands Construction Framework. The total potential value of contracts awarded with these clients is between £1.5bn and £2.2bn.

The company says that its comprehensive energy services offering is a key differentiator. Energy services generated 34% of revenues in 2012. In January this year it acquired the specialist energy and carbon consultancy Utilyx.

The firm has been named preferred bidder to develop a major new innovation centre to power the Cambridge Biomedical Campus (Addenbooke's Hospital) and has won a contract to create Scotland's largest self-sufficient energy community in Fife.

Chief executive of MITIE Group, Ruby McGregor-Smith CBE, said: 'This has been a transformational 25th year for MITIE. We have made excellent progress on all of our key strategic objectives, achieved sector-leading organic growth and been awarded a number of significant contracts that are enhancing our business.'


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21 May 2012

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