MITIE 'extremely positive'

15th Aug 2011 07:02

After just three months outsourcing and energy services firm MITIE had secured 85% if its budgeted revenues for the financial year, as at the end of June.The order book is at record levels and the pipeline of opportunities remains good, the company said. Revenues and earnings are developing in line with management's expectations, and, despite the global economic uncertainties, the board is "extremely positive" about the range of opportunities in the company's key markets.Even in the hard hit public sector, there has been a steady flow of contract awards and retentions during the period. "We remain focused on the justice, health, local authority and social housing markets which are showing a very encouraging pipeline of opportunities," the company said.In the private sector, MITIE has continued to win and retain work across a range of sectors. The pipeline of work remains buoyant, particularly in the financial services and retail sectors."Our current low debt levels and strong balance sheet continue to provide us with capacity for the development of organic growth and for value creating acquisitions should they arise," the company said in its interim management statement.--jh