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Mitie sees further growth after beating 2018 forecasts

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LONDON: Mitie Group Plc surpassed its guidance for full-year profit and predicted solid growth this year after weathering a tough period for British outsourcers by cutting costs and focusing on its core businesses. Shares rose almost 9 per cent after full-year adjusted operating profit came in at £88.2 million, around £3 million above the company’s own expectations. The collapse of rival Carillion and Interserve’s slide into administration have hurt sentiment towards UK contractors and outsourcing groups, but Chief Executive Officer Phil Bentley was optimistic that Mitie would emerge well placed from the shakeout.


Bentley said the company did a “fair bit better” in the year. The company, which had warned in March that its order book would fall 10 per cent, in the event posted a mere 1 per cent decline after winning a number of new contracts after the warning. Overall revenue rose 9.4 per cent on the year, beating the company’s own guidance of 7 per cent to 8 per cent growth. The provider of pest control, cleaning, security and healthcare services has spent the past two years cutting costs and selling assets to focus on its main engineering and security businesses. — Reuters


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