From the Blue Index blog

All-MITIE

May 18th, 2009

Further evidence emerged today of how companies are outsourcing to save money. Building services group MITIE Group (MTO) reported a 12 percent hike in annual pre-tax profits to GBP75.9m, on revenues ahead 8.2 percent to GBP1.5bn. Additionally, MITIEs forward order book increased to GBP4.9bn from GBP4.4bn last time, and the group are benefiting from a sustained level of outsourcing as contracts become larger and longer term. Looking forward, the company also said it is extremely well positioned for acquisitions and buying up companies which fit the existing business.

Analysts are very positive over the results, remarking the results are strong, with high visibility and positive outlook resulting from MITIE clients increasing outsourcing to improve efficiency and to cut costs.

If like me you have tracked the share price performance of companies providing outsourcing during the downturn, such as Compass Group (CPG) and Capita (CPI), youll find that almost without exception, these companies are very positive in outlook, with clear revenue visibilities.

Full transcript here
http://blog.blueindex.co.uk/2009/05/all-mitie/

Stopped out - 10

tough sp starting to recover.

Halifax - To be honest glad to be out of the spreads with a profit for now. It was poor trading to begin with adding at the top of a range which has been consistant for over 12 months gambling on a breakout, as soon as it was apparent breakout wasn't happening should have got out and gone short. I need a pair of those hindsight glasses :O) Still hold the shares, looking at the chart could go either way at the mo, probably retrace a wee bit. On watch list for now re a punt either way.

Birmingham City Council believes it has overpaid one of its major contractors.

An internal document states accountants think outsourcing firm MITIE may have been charging as much as 25% more than allowed in its contract.

It said that "significant issues have been identified" in relation to some of their maintenance agreements.

There had been a difference of 27% for the current contract and 23% for the previous one which covered between 2006 and 2011, the report said.


Full story at
http://www.bbc.co.uk/news/uk-england-birmingham-21959487

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


This story is featured on BBC tv broadcasts this morning. Even if it turns out that Mitie have done nothing wrong, it will presumably prompt every other council to review past payments to see if the same situation exists - and might bring postponement of any imminent contract awards.

Response from MITIE :-

"Mitie was awarded this work through a competitive tender process and we have a full and robust audit trail for all work delivered and costs charged through this contract, all of which was approved by the council."

Share price at close 280.80 up 1.80 (+ 0.65%)

MITIE Group PLC
Preliminary announcement of results for the year ended 31 March 2013
2013 Headline1,2
Headline
year on year % change
2013 Statutory
Revenue
£1,980.6m
+8.4
£2,120.5m
Operating profit before other items
£122.0m
+8.3
n/a
Profit before tax
£111.1m
+5.4
£58.8m
Operating profit margin before other items
6.2%
nil
n/a
Basic earnings per share
23.7p
+3.9
12.3p
Dividend per share
10.3p
+7.3
10.3p
Excellent progress through a focus on markets that offer organic growth, long-term contracts and improved margins
Strong headline financial performance
• Organic headline revenue growth of 5.0%
• We are exiting our cyclical mechanical and electrical engineering contracting businesses, which generated margins well below the group average – business closure costs of £22.1m were incurred, with no further material costs expected
• Excellent conversion of EBITDA to cash of 125.7% (headline cash conversion is 108.7%), well above stated long-term KPI of 80% (2012: 83.7%)
• Net debt at 31 March 2013 of £192.2m or 1.8x statutory EBITDA (2012: £106.9m, 0.8x EBITDA)
• Total dividend for the year up 7.3% to 10.3 pence per share (2012: 9.6 pence per share)
Integrated facilities management driving strong organic growth
• Successfully mobilised our integrated facilities management contract for Lloyds Banking Group, which, at £775m over five years, is one of the biggest private sector facilities management contracts in the UK
• Awarded significant new contracts throughout the year, including with BSkyB and Ladbrokes, as well as property management contracts for London Borough of Hammersmith & Fulham and Golding Homes
Well positioned for growth
• The acquisition of Enara for £110.8m is an ideal entry point to grow within the wider healthcare market. The integration is going well, with the business performing ahead of expectations
• Comprehensive energy proposition supports every key energy issue faced by our clients, with a focus on higher margin consultancy following the integration of our Utilyx acquisition
• Robust balance sheet and strong financial position will support growth and enable further strategic acquisitions
• Strong growth in order book – up 7.0% or £0.6bn to £9.2bn (2012: £8.6bn)
• 85% of 2013/14 budgeted revenue secured (prior year: 83%)
• Pipeline of potential bid activity remains buoyant at £8.7bn
Ruby McGregor-Smith CBE, Chief Executive of MITIE Group PLC, commented:
“We have had another good year with success in achieving organic growth driven by new and expanded contracts, as well as completing a strategic acquisition in healthcare. Whilst the economic environment remains challenging, we have reshaped the business to focus on long-term facilities management opportunities, as well as higher margin healthcare provision and energy consulting, all of which will support our growth aspirations.
“We expect outsourcing opportunities will continue to grow, with a trend towards more clients seeking to access integrated services. We are positioned to build further on our long track record of sustainable profitable growth.”
1 The 2012 headline results have been re-presented to show the results of businesses being exited within other items.
2 Headline results exclude other items. Other items comprised acquisition related and integration costs of £6.9m (2012: £0.9m), restructuring costs of £10.2m (2012: £nil) and the amortisation of acquisition related intangible assets of £10.0m (2012: £9.1m). They also include the results of the businesses being exited, with revenue of £139.9m (2012: £176.2m), a trading loss of £3.1m (2012: £0.9m loss) and business closure costs of £22.1m (2012: £nil).
For further information please contact:
Erica Lockhart, Head of Corporate Affairs T: +44 (0) 20 3123 8179 M: +44 (0) 7979 784488
John Telling, Group Corporate Affairs Director T: +44 (0) 20 3123 8673 M: +44 (0) 7979 701006
MITIE will be presenting its preliminary results for the period ended 31 March 2013 at 09.30 on Monday 20 May 2013. A live webcast of the presentation will be available online at www.mitie.com/investors at 09.30. The recorded webcast of the presentation and a copy of the accompanying slides will also be available on our website later in the day. MITIE expects to publish its Annual Report and Accounts (containing financial statements that comply with IFRS) in June 2013 and copies will be available from MITIE’s registered office and on its website www.mitie.com. MITIE’s Annual General Meeting will take place at 14.30 on 9 July 2013 at UBS Investment Bank, 7th Floor, 1 Finsbury Avenue, London, EC2M 2PP.
Legal disclaimer
This announcement contains forward-looking statements. Such statements do not relate strictly to historical facts and can be identified by the use of words such as ‘anticipate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, and ‘believe’ and other words of similar meaning in connection with any discussion of future events. These statements are made by the Directors of MITIE in good faith based on the information available to them as at 20 May 2013 and will not be updated during the year. These statements, by their nature, involve risk and uncertainty because they relate to, and depend upon, events that may or may not occur in the future. Actual events may differ materially from those expressed or implied in this document and accordingly all such statements should be treated with caution. Nothing in this document should be construed as a profit forecast.
Except as required by law, MITIE is under no obligation to update or keep current the forward-looking statements contained in this report or to correct any inaccuracies which may become apparent in such forward-looking statements.
High resolution images are available for the media to download free of charge from www.flickr.com/mitie_group_plc

There is a song here somewhere, haven't got a clue who it is by starts 'Should I go or should I stay now.' skinny my money is on you knowing this one. Brave or stupid bought in here @ 251.0 chart looks suicidal we'll see.

Out of spreads @ 262.0 + 11 (Ex-Divi tomorrow)

Post 108 - the Clash.

Cheers skinny not my era :O)

@1980/1 - I was in my twenties.

Gees, didn't realise it was that old, I was 28.

Its definitely there or there abouts.

3 month high today. Interim next Monday 12th.

Gone short ahead of Interim Monday @ 276.5 target 260.0 stop 286.5

MITIE Group makes positive start to the year

StockMarketWire.com

Outsourcing company MITIE Group said it has made a positive start to the year. The group said it is well placed to achieve good levels of organic growth in the current financial year, particularly in the facilities management division, in line with management's expectations.

At 30th June 2013, 89% of budgeted revenues for this financial year had already been secured (2012: 87%).

MITIE continues to see good opportunities across its markets. The integration of Enara is progressing to plan and the business has been rebranded to MiHomecare. The investments made in integrated facilities management capabilities will deliver further growth, underpinned by the record order book and significant pipeline of sales opportunities.

In the private sector the sales pipeline remains. MITIE has been awarded a contract with Mitchells & Butlers, the leading operator of restaurants and pubs in the UK, to deliver waste management, cleaning and environmental services, for a total value of £38m over three years. It has also been awarded a number of contracts with values ranging between £5m and £10m over three years. These include: BAE Systems, providing total security management; Cineworld, cleaning cinemas in the South of England and the London head office; Kellogg's, providing facilities management and project support services at its head offices and manufacturing plant; and Capital One where MITIE retained a technical FM contract.

The group has seen some new contract awards in the healthcare sector through MiHomecare, including a Continuing Healthcare programme in Leicestershire worth £2.5m over five years.

Supporting growth opportunities

On 5th July, the group announced an investment of £1.2m in two 'MITIE Model' businesses. MITIE's existing waste management business will be set up as a stand-alone company, MITIE Waste and Environmental Services Limited. The management team will take an equity stake in the business, motivating them to grow the business and share in its future success. In addition, the group has established MITIE's latest start-up business, MITIE Local Services Limited, which will provide cleaning services to small to medium size clients in the London area.

Financial position

There has been no material change in the group's financial position since 31st March 2013.

Our strong balance sheet continues to provide the capacity for the development of the business and for further value creating acquisitions should they arise, particularly in niche markets within the healthcare and energy sectors.

Outlook

The financial year has started well, with a strong pipeline of sales opportunities.



Story provided by StockMarketWire.com

Stop to entry for risk free trade.

Seen this film before, sitting on my hands for now re-spreads, could go either way.

12 months on in exactly the same position, half year report 18th November can it crack 300p and break out. Or will history repeat and stays in same range?

Got to give it a shot went long this aft spread bet (December) @ 290.0 tight stop.

On a down day encouraging so far, but not holding my breath. At least volume is improving together with lower indicators.