Profits up at Mitie as private sector work surges

Grant Prior 13 years ago
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Support services giant Mitie enjoyed  a 9% jump in pre-tax profits for the year to March 31 2011 as turnover rose 10% and more than 5,000 new employees joined the company.

Preliminary results announced today show a record order book of  £6.8bn as profits rose to £86.8m on the back of a £1.89bn turnover representing a 5.7% profit margin.

Mitie expanded facilities management contracts with major clients including Rolls Royce and Vodafone during the year.

The firm is also bullish about future prospects as companies look to Mitie to improve efficiency.

The company said: “There are exciting opportunities in our markets, as clients across the board look to introduce further innovation and efficiencies into their businesses.

“We are financially robust and have a clear strategy for the development of our business. We are confident that Mitie will continue to build on its long track record of sustainable, profitable growth.”

The private sector is the major growth area for Mitie representing 75% of new contract awards during the year.

Chief executive Ruby McGregor-Smith said: “These are very good results and this year we have been awarded a number of transformational contracts.

“We have secured some significant work in the private sector where we have excellent relationships with our clients and are differentiated by our energy services capabilities and use of technology.

“We have been appointed to several large public sector frameworks and have a strong pipeline of opportunities in local government, social housing, justice and health.

“The opportunities in outsourcing and energy services in the UK and abroad are significant.

“Our strong balance sheet and excellent cash conversion, as well as a record order book and sales pipeline, will enable us to achieve our growth aspirations.

“The business is well positioned for continued sustainable, profitable growth.”

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