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Mitie to exit M&E sector

Mitie has revealed in its preliminary results for the year ending 31 March 2013 that they will be exiting the M&E sector.

The company said it is focused on markets where it sees potential for growth and which meet its margin targets.

To this end, Mitie has taken the decision to further reduce its exposure to cyclical markets, in particular its mechanical and electrical engineering contracting businesses.

Mitie Group chief executive Ruby McGregor-Smith CBE commented: “We have had another good year with success in achieving organic growth driven by new and expanded contracts, as well as completing a strategic acquisition in healthcare.

“Whilst the economic environment remains challenging, we have reshaped the business to focus on long-term facilities management opportunities, as well as higher margin healthcare provision and energy consulting, all of which will support our growth aspirations.

“We expect outsourcing opportunities will continue to grow, with a trend towards more clients seeking to access integrated services. We are positioned to build further on our long track record of sustainable profitable growth.”

According to its preliminary results, Mitie has made progress in transitioning to markets that offer organic growth, long-term contracts and improved margins.

The firm has also reported a positive set of financial results for the year delivering growth in headline revenue and profit despite the lack of growth in the UK economy.

During the year, Mitie acquired the £8bn homecare market by acquiring Enara. Enara is one of the UK’s homecare businesses and provides a platform for future growth in the broader health and social care sector.

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