Mitie remains positive as profits fall 12.9%

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Outsourcing firm Mitie today said it remained positive about its prospects as it unveiled a decline in first-half profits.

The group, which employs some 8,000 full- and part-time staff in Scotland out of a UK-wide workforce of about 65,000, posted a pre-tax profit of £37.7 million for the six months to 30 September, down 12.9 per cent compared with the same period last year.

Revenues rose 5.6 per cent to £1 billion and the interim dividend was raised 4.5 per cent to 4.6p per share.

Chief executive Ruby McGregor-Smith said: “We have made this progress in the face of a tough economic climate and a difficult macroeconomic outlook, with continuing challenges within our more cyclical markets.

“However, we remain positive about the range of outsourcing and energy services opportunities across our key markets and continue to see a growing order book as well as a strong pipeline of sales opportunities.”

McGregor-Smith said Mitie expects to see revenue growth continue to rise in the second half of the year on the back of new and expanded contracts.