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MITIE reports 12% jump in profits

Outsourcing specialist MITIE has announced a 12% jump in profits as it steps up efforts to secure more contracts from public sector clients.

The Bristol-based company is focusing “additional resources and expertise” on areas such as justice, health, education and local government in a drive to benefit from the current wave of cost cutting in the public sector.

MITIE has also secured work in the private sector after winning contracts with Rolls-Royce, Manchester Airport and the Royal Opera House, alongside a deal to provide facilities and energy management for Vodafone in UK and Ireland.

Revenues for the half-year to September 30 rose almost 15% to £918M, while profits on an underlying basis lifted 12.3% to £47.5M.

MITIE – which stands for Management Incentive Through Investment Equity – has more than 56,000 full and part time staff with several thousand employees holding equity stakes in the business.

The group offers services ranging from property management, cleaning, security and maintenance to advice on cutting carbon emissions. Last year, it generated around 55% of its revenues from private sector clients.

“Overall, market conditions in the medium term remain positive for outsourcing,” said chief executive Ruby McGregor-Smith.

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