Afternoon:
9°c
Support services and property management group Mitie today said business is doing well as private firms and the Government outsource work to save money.
The firm, which cleans the Tower of London and provides security for the Thames Barrier, reported a 12.5% rise in first-half profits to £42.3 million.
Revenues were up 5.3% in the six months to the end of September to £801.1 million and the dividend was lifted from 3.3p a share to 3.7p. Chief executive Ruby McGregor-Smith said: “All our clients across the public and private sectors are looking to increase outsourcing to save money.
“Everyone has identified that the deficit [in the public sector] is too high and has to come down.”
Mitie is expecting “significant” opportunities in health, justice, education and social housing. But McGregor-Smith said: “Our markets are more stable than 12 months ago and we see no signs of further deterioration, although we have not seen any consistent signs of economic recovery.”
