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UPDATE 1-Mitie sees revenue growth acceleration in H2
November 19, 2012 / 8:01 AM / in 5 years

UPDATE 1-Mitie sees revenue growth acceleration in H2

* Expects total revenue growth to be higher in H2

* Pre-tax profit, before exceptionals, 48.8 mln stg

* 4.3 pct organic revenue growth in H1

LONDON, Nov 19 (Reuters) - British outsourcer Mitie said it expects its revenue growth to accelerate in the second half after posting a 5.6 percent climb in the first six months due to new contract wins.

The group said that a new contract with Lloyds Banking Group - described as its largest ever - as well as its acquisition of homecare services provider Enara in October would boost its top line in the six months to end-March.

Mitie, which runs services from maintenance and cleaning to baggage screening at London’s Heathrow airport, posted pre-tax profit, before exceptionals, of 48.8 million pounds ($77.33 million) for the six months to end-September, up 1.9 percent on the same period last year.

In a trading update it said that it saw excellent organic growth opportunities in the home care market and as an entry point into the wider healthcare industry.

The group predicted organic growth in its order book of 4.7 percent, or 0.4 billion pounds to 9 billion pounds.

New contracts include a 100 million pound five-year facilities management deal with BSkyB and a maintenance contract with Golding Homes worth 70-120 million pounds over ten years.

“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,” Chief Executive Ruby McGregor-Smith said.

”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.

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

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