MITIE shrugs off cuts to secure more work

August 15, 2011
By

Bristol outsourcing services group MITIE secured 85% if its annual budgeted revenues within three months of the financial year starting, it has said.

According to an interim statement from the group, its order book is at record levels and the pipeline of opportunities remains good.

Revenues and earnings are developing in line with management's expectations, and, despite economic uncertainties, the board is "extremely positive" about the range of opportunities in its key markets.
The group has grown rapidly through public sector outsourcing and by businesses seeking to offload non-core services.
The trading update for the period from April 1 to date, shows a steady flow of contract awards and retentions from public sector clients.

"We remain focused on the justice, health, local authority and social housing markets which are showing a very encouraging pipeline of opportunities," the company said.
It has also continued to win and retain work across a range of private-sector industries. The pipeline of work remains buoyant, particularly in the financial services and retail sectors, it said.
"Our current low debt levels and strong balance sheet continue to provide us with capacity for the development of organic growth and for value creating acquisitions should they arise," the company said.

 

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