Mitie sees boost from acquisitions

City A.M. Reporter
MITIE, the support services firm, said yesterday acquisitions had boosted full-year profits and it expected increased government outsourcing to continue to support growth.

Mitie, which cleans Barclays and HSBC’s UK buildings, said the acquisitions of rivals Dalkia and EPS had increased its foothold in the social housing market and also meant it could offer more integrated services.

Integrated contracts, where Mitie offers a range of services to the same client, accounted for 57 per cent of sales in the year to the end of March, up from 33 per cent last year. Sales in the period were £1.72bn, up 13 per cent from last year, while pre-tax profit before other items rose 17 per cent to a better-than-expected £91.7m.

“We have excellent visibility of future revenues, a growing long-term order book and an unprecedented level of bid opportunities,” said chief executive Ruby McGregor-Smith.