Mitie targets outsourced jobs

first_img SUPPORT services firm Mitie said it plans to cash in on growing government outsourcing in the next 12 months, as it reported a 12 per cent growth in pre-tax profit for the latest half. Mitie said yesterday pre-tax profit for the six months to the end of September was £47.5m, while revenue grew 14.7 per cent from last year to £918.7m, largely due to recent acquisitions. “We see a number of opportunities in the public sector, in social housing, at the ministry of justice, within education and property in particular,” chief executive Ruby McGregor-Smith told City A.M. The firm said in an update it was speaking to the cabinet office about taking on more public sector work, with the first contracts expected in spring 2011. Mitie, which already provides security in English and Welsh courts, is bidding for work including prisoner escorting, community service and property management. McGregor-Smith emphasised the strength of its social housing business, which makes up 40 per cent of its property management revenue, despite underlying profit in the division falling 8.1 per cent to £12.4m. “More consolidation in the sector and good organic growth across our contracts means we are very positive about the market,” she said. Seymour Pierce analyst Caroline de La Soujeole upgraded her rating from “reduce” to “add”, adding in a research note: “This morning’s results show that the company is clearly making good progress on its strategy of becoming a provider of integrated facilities management and … is now evolving in areas with higher growth and higher margin potential.” whatsapp Show Comments ▼ Share Mitie targets outsourced jobs Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoNight DailyHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeNight DailyUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropUndoJournalPregnant Woman Takes a Nap – You Won’t Believe What She Discovered When She WokeJournalUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndo Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proofcenter_img Monday 22 November 2010 7:16 pm whatsapp Tags: NULL KCS-content last_img

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