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/

HSBC cuts to underweight from neutral. Target raised from 260p to 275p? Go figure.

Chris stop swearing. Toffee nose.

:O) should be an easy 3 points this weekend for the chosen one mate. Are you gracing Old Trafford with your presence? Hope you don't choke on your prawn sarnie. :O)

LOL LOL LOL. Roy Keane at is best.

No im not going , got a mate whos lost his dad. Im wafering the seat.

We still have 2 years on a 7 year contract left for the corporate box, 7 of us joined . free ale and a free buffy put on.

If we dont get a big star we wont renew come 2017 season.

cheers bud.

gf - "If we dont get a big star we wont renew come 2017 season"

LOL - That's terrible, just about sums up the majority of all 'glory hunters' at your club, what happened to loyalty? Or 'Red till I die' :O)

Added @ 312.4 on spreads.

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Half-Yearly report Monday 18th November.

Mitie Group booked an H1 pretax profit of £55.3m, up 9.5%, on a 10.5% rise in revenue to £1.044b. It proposed an interim dividend of 4.9p a share, up 6.5%.

"The first half of the year has seen strong operational and financial performance for MITIE. We continue to identify new opportunities with both existing and new clients in all of our key markets," said CEO Ruby McGregor-Smith in a statement.

"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," Smith said.

Investec reiterates buy on MITIE Group, target raised from 310p to 330p.

Added @ 315.0

Having a go @ 320.0 albeit on low volume.

04th Feb 2014 half yearly divi payment date. 19th May preliminary statement of annual results.

Stop raised to 320.0 to lock in + 30

Stop to 325.0 to lock in + 35.

330.0 breached, all time high albeit on low volume.

Out the spreads (for now) target 330.0 + 40

Sp bang on 25DMA support 320.0p. Interim next Monday. Obvious profit taking on market downturn. Watching, may be worth a punt long.

3 February 2014

Mitie Group plc



Q3 Interim Management Statement



Mitie Group plc ("Mitie"), the strategic outsourcing company, releases its Q3 Interim Management Statement for the period from 1 October 2013 to date.



Trading update

Mitie has made positive progress over recent months with good organic growth being driven by new and expanded contracts.



We are continuing to successfully re-position the group to target higher growth and higher margin areas. Our long-term strategy is focused on growing in our core markets of facilities and property management, which are differentiated by our specialist energy consulting services. Healthcare is the other key part of our growth strategy, where we are concentrating on the homecare market. In addition, we are continuing with our phased exit from the lower-margin, cyclical elements of our business, including our mechanical and electrical engineering contracting businesses, and the construction element of our asset management business.



As reported at the interim results, 99% of budgeted revenues for the current financial year had already been secured at that time (prior year: 98%).



Facilities Management

Our Facilities Management division is continuing to deliver strong organic growth and we are seeing an uplift in the level of bid activity across our businesses in both the public and private sectors. We have a robust sales pipeline and see increased potential to further benefit from the trend towards bundling and integration of more services. This division has a number of exciting growth opportunities and is well positioned to deliver further growth.



We have successfully secured and extended a number of contracts for new and existing clients, including with:

· Four Seasons Healthcare: commenced a new contract in January to deliver technical FM across its estate of care homes, with a total value of £33m over three years

· The London Borough of Sutton: a new contract delivering technical FM, with a total value of £15m over seven years, with a further potential three-year extension

· The Maritime & Coastguard Agency: a new bundled FM contract with a total value of £4m over three years

· A British shoe manufacturer: a new contract, subject to final negotiations, providing bundled FM with a total value of £4m over three years

· AWE, the Atomic Weapons Establishment: retained and expanded our partnership to deliver bundled FM, with a contract value of approximately £50m over five years

· Luxury carmaker: retained and expanded our contract to deliver range of cleaning and environmental services for a further five years, with a total value of £25m

· Eurotunnel: retained and expanded a total security management contract with a total value of £12m over three years

· National Grid Plc: a new total security management contract with a total value of £4m over six years



Property Management

The Property Management division has seen some delays in the commencements of new contracts, but has experienced improving market conditions in recent months. In particular, in the social housing market we are seeing an increasing trend towards longer-term, larger, bundled contracts incorporating more service lines across larger portfolios. Our housing repairs and maintenance contract with Hammersmith & Fulham Council commenced successfully in November - this contract together with our painting contract, have a total value of £28m per annum over ten years.



We have been awarded a contract with Southampton City Council to deliver Energy efficiency measures to council properties. Despite the recent Government announcement relating to the reduction in ECO funding these works will still proceed and the contract is likely to provide £10m of revenue over the next 12 months. We have also been selected to deliver capital works improvements for the Royal Borough of Kingston on Thames 'Better Homes Initiative' with a total value of £25m over four years.



Our roofing business has been awarded new contracts with Mercedes Benz and Alstom Grid, with total values of £3m and £2m over a twelve-month period, respectively.



Energy Solutions

Within our energy solutions division, the higher margin consultancy services led by Utilyx continue to perform well, driven by an increasing interest in energy consultancy from our existing FM clients.



We are continuing to reduce our exposure to the loss-making, construction element of our Asset Management business, which has become part of the Energy Solutions division. We are seeing ongoing project delays, which together with one-off costs associated with exiting a small number of these sizable contracts, is resulting in continued underperformance in this area of the business.



Healthcare

The integration of MiHomecare is on track, the business is performing to plan and a growing pipeline of opportunities is emerging. MiHomecare was recently appointed to a new two-year framework to provide care services across Peterborough, with a further potential one-year extension. We have also been appointed to the reablement services and homecare services frameworks by the London Borough of Camden, for a two-year period with a further potential two-year extension.



On 15 January 2014, we completed the acquisition of Complete Care, which provides high acuity care at home to around 150 individuals with on-going complex clinical healthcare needs. An acquisition in the complex care arena was a key part of our strategy to develop our healthcare business, and Complete Care will complement MiHomecare's existing domiciliary care operations in England and Wales.



Complete Care generated revenue and EBITA of £17.9 million and £1.1 million respectively in the year ended 31 March 2013. Integration costs are estimated to be in the region of £1.3 million. The business employs around 650 personal care assistants, including registered nurses.



We are confident as we reach the end of the integration of MiHomecare, together with the acquisition of Complete Care which further strengthens our proposition in the healthcare market, that significant growth opportunities exist in this division.



Non-core activities: Mechanical and electrical engineering contracting

The exit from our cyclical mechanical and electrical engineering contracting businesses continues, although is taking slightly longer than anticipated. As a result, we now anticipate that losses in the second half of the year will be around £3-5m higher than those reported in the first half of the year.



Pensions

Mitie is currently in consultation with members of its main defined benefit pension scheme regarding a proposed change to their future pension entitlement. Under the proposed change, the pension scheme will remain open to future accrual but with a generally reduced level of future benefit increases. The deficit on the scheme at 30 September 2013 was £27.1m under IAS 19 (revised).



Should the proposed change be implemented following the consultation, it is expected to reduce the scheme's future liabilities and therefore reduce the deficit on the scheme, as well as mitigate a potential rise in future contributions. Any such reduction in scheme liabilities would result in a one-off credit to the income statement in the current year under IAS 19 (revised).



Financial position

Our balance sheet remains strong and enables us to invest in organic growth and take advantage of value creating opportunities as they arise.



Outlook

The financial year is progressing well. We continue to re-position the group away from low growth, low margin activities and we remain very positive about the range of outsourcing opportunities across our key markets. Mitie is well positioned to deliver good organic growth, particularly in facilities management and healthcare, and maintain strong margins. We are confident that we will continue to build on our long track record of sustainable profitable growth.



-Ends-







Future reporting dates

Mitie will announce its full year results on Monday 19 May 2014.



For further information, contact:

John Telling

Group Corporate Affairs Director, Mitie Group plc

T: +44 (0) 203 123 8673 M: +44 (0) 7979 701 006 E: john.telling@mitie.com



Erica Lockhart

Bounced off 50DMA flirting with 25DMA.

Mitie Group plc ("Mitie"), the strategic outsourcing company, announces a pre-close trading update before entering a close period on 1 April 2014. Preliminary results for the financial year ending 31 March 2014 will be announced on 19 May 2014.

Overview
Since the announcement of the group's Interim Management Statement (IMS) on 3 February 2014, Mitie has continued to perform strongly, particularly in Facilities Management (FM), and expects to deliver underlying full-year results that are in line with market expectations.

We continue to successfully re-position the group to focus on higher growth and higher margin sectors.We are focused on driving our core UK FM business to its full organic growth potential and being the number one provider in our chosen markets. At the same time, we will invest and grow in adjacent markets - healthcare is a particular focus and we aim to take the leading position in the homecare market. The strength of our business in both of these areas will enable us to further build on our track record of sustainable, profitable growth.

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