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Expansion drives profits up at Mitie

The purchase of heating and plumbing specialist Robert Prettie has helped the property services division of Mitie increase profit before tax by 41.8 per cent over the previous year.

The group’s preliminary results for the year ending March 31, 2008 showed profit in the division had increased to £15 million as the group as a whole reported a strong performance.

Overall profits before tax were up 21.3 per cent to £70.6 million according to the group’s report on the year ending 31 March 2008.

Ruby McGregor-Smith, chief executive at Mitie Group, said: “We have had an excellent year and have delivered record results. Our business is focused on growth through its strength in integrated facilities, property and engineering services.

'We are confident in our ability to make progress in this economic climate and there are positive trading conditions across all three divisions. We have a record order book and are well positioned to deliver sustainable, profitable growth.”

The group also reported the order book had grown to £4.4 billion compared to £4.1 billion at the same time in 2007.

In the Property Services division revenue growth has been helped by last year’s purchase of Robert Prettie.

The division’s revenue has increased by 32.8 per cent to £285.7m - reflecting organic growth of 10 per cent with revenue from Robert Prettie contributing £49m.

The preliminary report said: “Our Property Services division has been reorganised to align our specialist skills to the market place in which we operate. We are intent on making each area of our business a truly national offering, focusing on roofing, minor repairs and redecoration, interior fit-out, plumbing and heating, social housing and fire protection.”