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Mitie sees revenues and profits soar

Mitie has seen revenues and profits rise substantially despite the global downturn with its facilities management and engineering maintenance businesses performing strongly.

The outsourcing and asset management specialist's interim results for the first six months of the year to September 20 show that revenue was up 11.5 per cent to £60.7million while profit before tax was up 12.2 per cent to £37.6million compared to the same period last year.

A breakdown for its Facilities Services division – the last time the company will report on individual performances within this division – showed that revenue for engineering maintenance was up 55 per cent to £82.5million compared to 2007.

At the same time the Facilities Management (FM) business which includes PFI contracts also saw revenues up dramatically by 26.4 per cent to £78.5 million.

Ruby McGregor-Smith, Chief Executive of MItie Group, said: “The current unparalleled uncertainty within the economy has an impact on all businesses, but our key markets remain attractive as customers develop their risk management and operational strategies and consider new ways of outsourcing that can provide them with the environmental and cost benefits that legislative, economic and cultural drivers are demanding.”

Despite strong performances in Facilities Services and Property Services, there was a drop in revenues within the company’s Engineering Services division which includes building services, m&e and energy.

This division saw revenues down 7.2 per cent to £147.6 million and profits before tax of £4.3million a fall of 2.3 per cent.

The company said this was expected as “the business continued its transition to longer term
framework contracts and enhanced its focus on energy, technology and infrastructure.”