Mitie sees order book hit record levels

Construction and outsourcing firm Mitie said its financial year had started well with profit and revenues in line with expectations and that it was extremely positive about the outlook thanks to a record order book.

Mitie, which provides services from cleaning to engineering, said on Monday it had made significant progress in each of its key target markets, with 85 percent of budgeted revenues for this financial year secured at end-June, against 78 percent at the same time a year ago.

The group said it was seeing a steady flow of contract awards in the public sector, particularly in local government, justice, health and social housing as the government and local authorities looks to cut costs by outsourcing services.

The pipeline of private sector work, which makes up more than 60 percent of revenue, also remains buoyant Mitie said, while contract wins such as the installation of solar panels at social housing projects shows how it is trying to tap into new markets.

The midcap company said revenues and earnings are in line with its expectations and that it was "extremely positive" about the outlook.