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Mitie on takeover trail

Mitie says it has significant potential for future growth in overseas markets after it completed the purchase of Service Management International last month.

The outsourcing and energy services company said the acquisition is part of its strategy to develop support for clients overseas and allow the firm to compete for pan-European integrated FM contracts.

In its Interim Management Statement, Mitie hailed its wins in the public, private and energy sectors as being behind a successful financial year to-date and said it had the capacity to complete further acquisitions in future.

The company says its revenues and earnings are ‘developing in line with management’s expectations’ and that at 30 June it had achieved 85 per cent of budgeted revenue for the year, compared to 78 per cent a year earlier.

In July 2011, Mitie completed the transition to its new banking facilities and now has in place £250 million of ‘secured banking facilities’ which will fall due for renewal in September 2015, with the potential to extend that facility through an accordion arrangement to £400 million. 

Mitie is also funded by a further £100 million of US Private Placement loan notes that were issued in December 2010 and fall due for repayment between December 2017 and 2019.

In a statement, the company said: “The financial year has started well and as expected. Whilst the global economic uncertainties continue to exist, we remain extremely positive about the range of outsourcing and energy services opportunities across all our key markets and continue to see a record order book and strong pipeline of sales opportunities.

“The group is on track to continue its record of sustainable profitable growth.”

Among its private sector wins this year is:

Facilities and energy management contract with Rolls Royce continues to develop and now includes additional space planning, move management and project works which we estimate to have an in year value of £20 million - total revenues this year are to be around £80 million

Airline Operators Committee at Heathrow Airport, a three-year contract to provide hold baggage screening services at terminals 1, 2, 3 and 4, with a total value of £17 million.

For Primark stores, we have been awarded a variety of engineering services retail fit out projects for stores across the UK valued at £5 million.

Among its public sector contract wins is:

Lewisham Homes has appointed MITIE to deliver £40 million of home improvement works to over 13,000 social Housing tenants as part of a five-year Major Works Programme

Minor works and maintenance contract with West Midlands Construction Framework for all non-housing capital expenditure and maintenance, primarily within the Birmingham City Council South Area

Appointed to the Ministry of Justice’s Total Facilities Management Framework, providing the route to bid for facilities management at courts in various regions of the country as well as two prisons

In the energy sector, Mitie is due to complete agreements on a joint venture to install 5,000 solar PV panels across social housing residences with Investec and Savills worth an expected £35m for Mitie.

Mitie has also been awarded a contract to design, develop and maintain a combined heat and power decentralised energy centre for The Royal Marsden NHS Foundation Trust.

The outsourcing and energy services company said the acquisition is part of its strategy to develop support for clients overseas and allow the firm to compete for pan-European integrated FM contracts.

In its Interim Management Statement, Mitie hailed its wins in the public, private and energy sectors as being behind a successful financial year to-date and said it had the capacity to complete further acquisitions in future.

The company says its revenues and earnings are ‘developing in line with management’s expectations’ and that at 30 June it had achieved 85 per cent of budgeted revenue for the year, compared to 78 per cent a year earlier.

In July 2011, Mitie completed the transition to its new banking facilities and now has in place £250 million of ‘secured banking facilities’ which will fall due for renewal in September 2015, with the potential to extend that facility through an accordion arrangement to £400 million. 

Mitie is also funded by a further £100 million of US Private Placement loan notes that were issued in December 2010 and fall due for repayment between December 2017 and 2019.

In a statement, the company said: “The financial year has started well and as expected. Whilst the global economic uncertainties continue to exist, we remain extremely positive about the range of outsourcing and energy services opportunities across all our key markets and continue to see a record order book and strong pipeline of sales opportunities.

“The group is on track to continue its record of sustainable profitable growth.”

Among its private sector wins this year is:

Facilities and energy management contract with Rolls Royce continues to develop and now includes additional space planning, move management and project works which we estimate to have an in year value of £20 million - total revenues this year are to be around £80 million

Airline Operators Committee at Heathrow Airport, a three-year contract to provide hold baggage screening services at terminals 1, 2, 3 and 4, with a total value of £17 million.

For Primark stores, we have been awarded a variety of engineering services retail fit out projects for stores across the UK valued at £5 million.

Among its public sector contract wins is:

Lewisham Homes has appointed MITIE to deliver £40 million of home improvement works to over 13,000 social Housing tenants as part of a five-year Major Works Programme

Minor works and maintenance contract with West Midlands Construction Framework for all non-housing capital expenditure and maintenance, primarily within the Birmingham City Council South Area

Appointed to the Ministry of Justice’s Total Facilities Management Framework, providing the route to bid for facilities management at courts in various regions of the country as well as two prisons

In the energy sector, Mitie is due to complete agreements on a joint venture to install 5,000 solar PV panels across social housing residences with Investec and Savills worth an expected £35m for Mitie.

Mitie has also been awarded a contract to design, develop and maintain a combined heat and power decentralised energy centre for The Royal Marsden NHS Foundation Trust.