Mitie's profit jumps 12%

Outsourcing specialist Mitie has reported a 12% increase in pre-tax profit to £47.5m in its half-year results, up from £42.3m for the same period in 2009.

Revenue six months to 30 September was also up, increasing 14.7% to £918.7m from £801m in the same period last year.

The company said there were increasing opportunities across public and private sector markets demonstrated by its growing sales pipeline.

It’s major new contracts include facilities and energy management for Vodafone’s entire property portfolio in the UK and Ireland, and work for Rolls-Royce, Manchester Airport and the Royal Opera House.

The firm said its is focusing investment in public sector bidding on justice, health, education and local government.

It said it had a strong balance sheet with net debt of £110.6m and commitment of £100m of US private debt. It has £230m of existing committed banking facilities.

Ruby McGregor-Smith, Mitie chief executive said: “Our well diversified portfolio of public and private sector work and high quality client base has demonstrated strength and resilience against a backdrop of economic uncertainty and political change.

“Overall, market conditions in the medium term remain positive for outsourcing.”