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Strategic outsourcing and asset management company Mitie Group has announced its preliminary results for the year ended 31 March 2010 – highlighting strong growth and “a step-change in capability”.
The Group has seen strong growth in revenue – up 13% to £1,720.1M, while its long-term order book has increased to £6.4bn –up from £4.9bn in 2009. 75% of the Group’s 2010-11 revenue has already been secured. Mitie said that an unprecedented tender pipeline would drive the acceleration in growth.
Mitie secured a new five-year contract during the year with Severn Trent Water to provide Facilities Management services across its 20 sites in a contract valued at £30m.
Ruby McGregor-Smith, Chief Executive of MITIE Group PLC, commented:
“MITIE has made excellent progress in the past financial year, creating a step-change in its capabilities with two strategic acquisitions. We have delivered double digit growth in revenue, underlying earnings and dividends. We have excellent visibility of future revenues, a growing long-term order book and an unprecedented level of bid opportunities.
We have experienced an extremely positive start to the new financial year with new contract awards which demonstrate our ability to provide complex integrated services utilising MITIE’s extensive capabilities. We are at an exciting stage in the evolution of the business and we look forward to a year of opportunity and strong growth.”
The Group said that energy and carbon efficiency were becoming an integral part of all its contracts and are increasingly embedded in all activities, commenting that market conditions are attractive for MITIE as its ability to deliver cost and carbon reductions for clients come to the fore.
During the year Mitie made two key strategic acquisitions which the Group said had “broadened its capabilities and significantly strengthened its client proposition”. In August 2009, Mitie acquired Dalkia FM for £119.5m which has now been integrated with its existing engineering maintenance capabilities operating as MITIE Technical Facilities Management. In November 2009, the Group also acquired Environmental Property Services Limited (EPS Ltd) for £40.9m.
MITIE is one of the UK’s largest private sector employers. During the year, the number of people employed by MITIE rose by 5,093 to 56,579.
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