Big name deals help figures at caterer company Mitie
SHOW caterer Mitie Group are blooming as growth in outsourcing brings in bumper deals.
FTSE 250 firm Mitie – whose services span airport baggage screening to cleaning cinemas – grew pre-tax profits by 4.3 per cent to £113.3million on revenues 8.2 per cent higher at £2.14billion.
It was helped by the renewal of a £75million contract to provide security, cleaning and maintenance services at Network Rail, as well as a £180million Home Office deal to manage immigration centres.
We see the future of outsourcing as very positive, with a trend towards more clients under cost pressure seeking to access bundled and integrated services
But Mitie took a £25.4million hit to reduce its exposure to the construction element of its asset management business.
It also incurred a £13.6million trading loss at its mechanical and electrical engineering business, which it hopes to quit by next March.
Chief executive Ruby McGregor-Smith said the firm could target small acquisitions and extend its international presence.
She added: “We see the future of outsourcing as very positive, with a trend towards more clients under cost pressure seeking to access bundled and integrated services.”
Shares rose 7.p to 318.p.