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Profits up at Mitie

Support services contractor Mitie increased pre-tax profits 8 per cent in the first half of the year ended September 30, in line with management expectations.
Pre-tax profits rose to £23.4 million in the six months compared to £21.7 million in the same period last year and it said 92 per cent of its budgeted revenue for the year was secured by the end of September.

The majority of its business is made up of long-term framework contracts in both the public and private sectors. Mitie said it has the potential to grow the business because it has a relatively low market share.

Revenue rose by nearly 15 per cent to £449.2 million up from £392.4 million at the same stage in 2004.

Mitie's specialist retail business has a full order book due to increased activity by bargain retailer Primark and Marks & Spencer.

The company restructured its engineering services division during the year by merging its operations in London and the South East. It picked up a five year maintenance contract to service four United States Air Force bases, a three year contract with insurance firm AIG and a five year deal to look after 23 buildings in and around Barnet for the NHS.

The company invested heavily in its property services division which is beginning to win more in the booming social housing sector. During the period it won contracts from housing associations, registered social landlords and arm's-length management organisations in Leeds, Glasgow, Dumfries and Galloway, Brunel and Southampton.

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