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Mitie reports profits up

Project management firm Mitie Group has reported a strong six-month performance this morning with profits of £25.9 million compared to £22.4 million last year.

The company's also showed strong revenue growth. For the six-month period revenue rose by 11.5 per cent to £760.7 million from £682.1 million in the same period last year.

The company said its success was underpinned by a large number of long-term contracts, and well diversified customer base with no single customer accounting for more than 5 per cent of our revenues. This has provided stability for the firm during the economic downturn.

Ruby McGregor-Smith, chief executive of Mitie Group said: “Mitie has delivered another set of strong results and has extended its track record of growth. We have astrong balance sheet, are highly cash generative and have low gearing. This will enable us to continue to take advantage of value creating opportunities and to grow our business in the future.

“The current unparalleled uncertainty within the economy has an impact on all businesses, but our key markets remain attractive as customers develop their risk management and operational strategies and consider new ways of outsourcing that can provide them with the environmental and cost benefits that legislative, economic and cultural drivers are demanding.”