11th Aug 2014 07:00
LONDON (Alliance News) - Mitie Group PLC Monday said it has seen a "positive" start to its new financial year, with organic revenue growth driven by new and expanded contracts.
The outsourcing firm said that it had secured 90% of its budgeted revenue for the current financial year, as at June 30, slightly higher than at the same point a year last year, although it said the phasing of the contracts will be weighted towards the second half of the year.
Mitie's current financial year ends March 31, 2015.
"The financial year has started well. We have a substantial order book as well as a strong pipeline of sales opportunities, giving us confidence that we will deliver good full-year organic revenue growth," the company said in a statement Monday.
During the period, Mitie signed a number of new contracts and expanded existing deals in both the public and private sectors, including a contract with Heathrow Airport, Arriva PLC, Tesco PLC and Royal Cornwall Hospitals NHS Trust.
Mitie said it remains focused on its long-term strategy of growing in its core market of facilities management, and in healthcare, where it is concentrating on the homecare market.
Mitie said its exit from its loss-making mechanical and electrical engineering construction business remains on schedule to be completed this financial year. It said it also continued to reduce its exposure to the design and build element of its asset-management business.
"We are positive about the range of outsourcing opportunities across our key markets and are confident that we will continue to build on our long track record of sustainable profitable growth," said Mitie.
Mitie said it will release its half-year results on November 17.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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