Bristol-based facilities manager MITIE has brushed aside the recession with double-digit growth in revenue, earnings and dividends in the year to March 31.
Chief executive Ruby McGregor-Smith said MITIE’s strong balance sheet and excellent cash conversion – together with a record order book and sales pipeline – means the business “is well positioned for continued sustainable, profitable growth.”
The company provides infrastructure consultancy, facilities management, property maintenance and a range of energy management services to customers in the UK, Ireland – and increasingly in Europe.
“We can do these things very efficiently, which is how we can save our clients money. Our approach starts with getting the specification exactly right, and agreeing service levels with the client,” said Ms McGregor-Smith.
“We have secured some significant work in the private sector . . . been appointed to several large public sector frameworks and have a strong pipeline of opportunities in local government, social housing, justice and health.
“The opportunities in outsourcing and energy services in the UK and abroad are significant. Our strong balance sheet and excellent cash conversion, as well as a record order book and sales pipeline, will enable us to achieve our growth aspirations. The business is well positioned for continued sustainable, profitable growth.”
She said the company has made progress on key strategic initiatives “continuing to invest in our people, technology, facilities management and energy propositions as well as our overseas capability. We were delighted to retain and expand contracts with Rolls-Royce and Vodafone which confirmed our strategy of providing integrated FM and energy services. We also acquired Dalkia FM in Ireland and made a significant investment in the fast developing decentralised energy market. We start the new financial year in a strong and confident position”.
Mitie’s order books is up 6.3% to a record £6.8bn £6.4bn) while its sales pipeline currently stands at £11.4bn with contracted revenue for the year to March 31 standing at 81% of budgeted revenue against 75% at the same time last year.
