MITIE Current Trading, Earnings In Line With Management Views

14th Jul 2010 07:13

LONDON (Dow Jones)--MITIE Group PLC (MTO.LN), a strategic outsourcing company, said Wednesday it has had a positive start to the year with 78% of 2010/11 budgeted revenues already secured (June 30, 2009: 78%) MAIN FACTS: -Current trading and Group earnings are developing in line with management's expectations. -Not experienced any material changes in its public sector markets and the majority of its central government bid activity is directed towards contracts that will commence in the next financial year -Pan-European presence significantly enhanced via the attainment of preferred bidder status for Rolls-Royce European facilities management, the acquisition of Dalkia's FM business in Ireland and an increased stake in Service Management International Limited -Strong balance sheet and committed funding lines of GBP230 million in place until January 2012 -Continues to see good growth opportunities in the majority of its markets. -In certain capital spend based markets, such as new build housing and fit out, experienced challenging conditions for some time, resulting in uncertainty on project timing. -Will continue to monitor the timing of programs as the year progresses. -In the public sector, focus is in the areas of recurring service provision and the maintenance of buildings. -Well-placed to deliver cost effective solutions for the public sector focused on reducing expenditure and at the same time improving service. -Shares closed Tuesday at 214.9 pence. By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires July 14, 2010 02:13 ET (06:13 GMT)