New contracts help Mitie post a 9.5pc jump in half-year earnings

Suzie Neuwirth
FTSE 250-listed outsourcing group Mitie yesterday posted a 9.5 per cent increase in first-half profits, boosted by a strong performance in its facilities management division.

Alongside pre-tax profits of £55.3m, the Bristol-headquartered firm unveiled a 10.5 per cent rise in revenue to £1.05bn.

Mitie’s facilities management division has been awarded a number of new contracts this year, including a £38m deal with pub chain Mitchells & Butlers and one with the Bank of Ireland. The division’s revenues increased by 10.3 per cent to £821.2m and operating profits rose 10 per cent to £49.7m.

“Looking ahead, we see opportunities for growth within transport, retail, financial services and the public sector,” John Telling, group corporate affairs director, told City A.M.