MITIE makes a solid start

FTSE 250 outsourcing and energy services group MITIE said it has made a 'good start' to its financial year, which started on April 1st.

"With the successful commencement of our new contract with Lloyds Banking Group, we are well placed to achieve good levels of organic growth in the current financial year, in line with management's expectations," the firm said. MITIE will be providing integrated facilities management services to Lloyds as part of a five-year £775m agreement.

By June 30th, some 87% of budgeted revenues for this year had already been secured, slightly higher than the 85% at the same period the year before.

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The group said that the investments it has made in its integrated facilities and energy management capabilities will deliver further growth, "underpinned by our record order book and significant pipeline of sales opportunities."

In spite of the global economic uncertainty and challenges in some of its cyclical markets, MITIE said it remains positive about the opportunities across its key markets.

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

Nevertheless, shares edged 0.98% lower to 283p in early trading on Monday.

BC