Bank on it: Deals help keep Mitie on track

A STRING of major contracts, including a £775 million deal with Lloyds Banking Group, has put outsourcing heavyweight Mitie on track for solid growth this year.

The firm, which delivers a range of cleaning, security and energy services and employs some 8,000 full- and part-time staff in Scotland, said it had already secured 87 per cent of its budgeted revenues for the year.

In a trading update covering the period from 1 April to date, the group said it continued to see “good opportunities” for organic growth across its markets. It will also continue to pursue acquisitions “should they arise”.

Among the deals are a five-year, £775m contract with Lloyds to provide “integrated facilities management services”, which began on 1 August, and a £30m deal with RBS. Mitie, headed by chief executive Ruby McGregor-Smith, will announce its interim results on 19 November.