Mitie grow from strength to strength

BRISTOL-based support and maintenance firm Mitie said it expects to keep growing over the next 12 months, despite the ongoing problems of the economy.

The firm is one of Bristol's biggest success stories and is the country's leading outsourcing specialists with clients across a wide range of sectors.

As reported in The Post the firm's revenues passed the £1 billion mark at the start of the year and more growth is expected over the coming 12 months.

The company which is headed up by Ruby McGregor-Smith, pictured, is one of the fastest growing in the South West and is now a fixture in the FTSE 250.

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Mitie now employs more than 74,000 people across the United Kingdom and Europe, of which more than 8,500 are based in the South West. It works on many well-known contracts in the South West including South West Water, O-Gen Plymtrek, Bristol University and Bristol Airport among others.

In recent weeks it has completed an issue of private placement loans in the US worth £151 million following its £110 million acquisition of Enara last October.

The business released a note to the Stock Exchange yesterday and said it had made good progress over recent months with strong organic growth being driven by a string of new contracts.

Mitie also said the funds raised from the share placing are being used to repay bridging facilities that were put in place to help fund the acquisition of Woking-based Enara.

Enara is the fourth biggest provider of care home services in the UK. Mitie bought the firm from August Equity as part of its strategy to make inroads into the out-sourced health and social care sector.

Enara's revenues and operating profit for the year up to the end of March is expected to be £93 million and £10.1 million.

Mitie went on to say that it expected to see an increase in overall revenues in the second half of its financial year as a result of a series of new contracts with the likes of BSkyB.

Other recent additions have included a ten-year deal worth  £94 million to provide maintenance for 18,000 properties in the South East.

A spokesman for the firm said: "The financial year is progressing well. Our core facilities management businesses are performing exceptionally well and they are expanding their order books.

"Despite ongoing weak economic conditions affecting our more cyclical markets and some delays in energy infrastructure projects, we remain very positive about the range of outsourcing opportunities across our key markets.

"We are confident that we will continue to build on our long track record of sustainable profitable growth."

The group added that its balance sheet "remains strong" and it will continue to invest in organic growth and "take advantage of value-creating opportunities" as they come along.