A Mitie profit rise E-mail
Monday, 21 May 2007

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Construction services group Mitie has delivered stronger than expected growth over the last year with operating profit up 28 per cent and turnover, excluding acquisitions up over 17 per cent. Key points in the groups preliminary results to end March 2007 which were published today (May 21st) are:

• Organic growth in revenue of 17.4%
• Operating profit before amortisation and integration costs up 28.8% to £62.2m
• Operating profit margin before integration costs maintained at 5.1%
• Profit before tax up 12.1% to £56.6m
• Full year dividend up 18.6% to 5.1p
• Successful integration of acquisitions and delivery of £3m of annualised synergy savings
• Acquisition of Robert Prettie & Co Limited in April 2007
• Forward order book of £4.1bn and 75% of 2007/08 revenue secured

The company's order book also looks strong and now stands at £4.1bn, and we start the year to March 2008 with some 75% (2006: 72%) of budgeted revenue already secured. The order book reflects some impressive contract wins including those at HBOS, Marks & Spencer and Birmingham City Council.

 

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