Positive start for Mitie

14th Jul 2010 07:32

Outsourcing and asset management group Mitie said it had seen a positive start on the year, without any material changes to public sector markets brought about by government measures to address the deficit.Mitie, which provides services such as catering and security for government and the private sector, said 78% of 2010/11 budgeted revenues have already been secured. 'Current trading and group earnings are developing in line with management's expectations,' the company said.In the private sector, Mitie said it was benefiting from companies looking to save cash by outsourcing. However, in certain areas such as new build housing, the company has experienced challenging conditions, resulting in uncertainties on project timing.In the public sector, Mitie said it has 'not experienced any material changes in our public sector markets and while some uncertainty exists in the short term we remain positive about the medium to long term growth prospects.'It continued: 'We are extremely well-placed to deliver cost effective solutions for the public sector focused on reducing expenditure and at the same time improving service.'Recent successes for Mitie include a £15m mechanical and electrical project for the London offices of a large investment bank, upgrading the building management system over a 19-month period and a contract for the cleaning and waste management of the Scottish Government for four years with an annual value of £1.8m.' Whilst recognising uncertainties in certain markets, the Group is on track to continue its record of sustainable profitable growth,' the company said.