Tuesday 24 October 2017

New contracts boost profits at MITIE

Colm Kelpie

Colm Kelpie

OPERATING profit at outsourcing company MITIE increased 13.3pc in the six months to the end of September, helped by new contracts in Ireland with Bank of Ireland and Kelloggs.

The company, which employs 70,000 people across Europe, including 1,200 in Ireland, also recorded a rise in revenue of 10.5pc to £1.04bn (€1.24bn).

MITIE provides facilities, property and energy management for a wide range of public and private sector businesses, with its head office in Bristol.

Clients in Ireland include Independent News & Media, Diageo, Eircom and Vodafone.

Chief executive Ruby McGregor-Smith said the first half of the year had seen strong operational and financial performance.

"We continue to identify new opportunities with both existing and new clients in all of our key markets," Ms McGregor-Smith said.

"The successful re-positioning of the business means we are in a stronger and better position than ever to deliver higher growth and maintain strong margins. We look ahead with confidence."

Headline results for the FTSE 250 company reflected strong earnings growth, with operating profit before other items rising 13.3pc to £62.3m.

Irish Independent

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