Mitie secures 85% of revenue for this year

Mitie has secured 85% of its budgeted revenue for this financial year, the company said in an interim management statement this morning.

In its statement, the firm said revenues and earnings were “developing in line with management’s expectations.”

Legal agreements are due to be finalised next month on a joint venture deal between Mitie, Investec and Savills to install photovoltaic panels across social housing residences, which Mitie expects will generate it £35m in turnover. The initial installations of 5000 panels are expected to be completed by the end of February 2012.

In July, the company completed a transition to new banking facilities. The company said today that its “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 added: “While 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”.