Mitie trading in line as solid order book fuels confidence

OUTSOURCING and energy specialist Mitie said revenues and earnings had come in line with expectations in a trading update yesterday.

The FTSE 250-listed company said its private sector client sales were strong, having sealed recent deals with insurers Friends Life and LV=. In the public sector it said there were still contracts being won despite government austerity measures.

“We are optimistic about the continued opportunities for growth for Mitie, but recognise the wider uncertainties in the global economy and in certain of our more cyclical markets,” the company said in its trading statement, which covered the firm’s performance from October to date.

“The search for cost and energy efficiencies is a priority for governments and businesses across our markets.”

In November Mitie announced revenues had grown 5.8 per cent in the six months to the end of September, compared to the equivalent period of 2010.

The company, led by Ruby McGregor-Smith (pictured), said revenue for the half year hit £971.7m.

The firm, which provides services like waste management, security and energy efficiency certification for clients’ buildings, also achieved profits before tax of £43.3m, a rise of 17.3 per cent.