ANDY BROWN | PANMURE GORDON
These are solid first-half results from Mitie with profits up two per cent. While challenges remain in its main markets the group has increased its order book, providing high revenue visibility, and management expect further progress to be made. We maintain our neutral stance.
CAROLINE DE LA SOUJEOLE | SEYMOUR PIERCE
Half-year results came a touch lower than our expectations, reflecting weakness in the property and asset management divisions. The outlook statement reads well with management anticipating higher growth in the second half reflecting new contract awards and the impact of acquisition.
CHRISTOPHER BAMBERRY | PEEL HUNT
Mitie has decided to reduce its exposure to large, one-off mechanical and electrical installation projects over the next two to three years. First half pre-tax profit was only up two per cent, and while we anticipate a better second half, we continue to see better value elsewhere in the sector.