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Mitie trading well but finding some opportunities difficult to spot

Mitie Group said today that it is difficult to estimate the timing of some public sector outsourcing opportunities that are coming through.

But Mitie said it is continuing to see many new opportunities developing as a result of the continued drive for efficiency in both the public and private sectors.

In a pre-close trading update ahead of the firm’s full year results on 17 May, Mitie said its strategy of pursuing organic and acquisition-led growth is unchanged, and the directors believe the group is well positioned to deliver material further growth going forward.

The trading update said: “We are seeing new opportunities developing as the result of the continued drive for efficiency in both the public and private sectors, although the timing of some public sector opportunities remains difficult to estimate.

“We have a strengthening order book and are experiencing exceptional levels of demand for our services as well as great interest in our carbon and energy efficiency offerings.

“We have seen excellent results from the acquisitions made this year and have greatly enhanced the capabilities of the group.

“Our strong balance sheet and cash flows ensure we are well placed to make further value creating acquisitions should the opportunity arise. We look forward to another strong year of growth.”