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/

Stop to entry.

Stopped out at open. Back to watch list for now see how it plays out, pushed my luck enough :O)

Short last week, on the march long so far this week, low volume down day for the market.

Initiated long (SB) from 237.0 initial target 260.0 stop moved to 235.0. Hoping that 240.0 will be support. And obviously looking for a breakout, going to need a lot more volume to become reality, pinning my hopes on the build up to :-


21/11 1H Interims
14/12 Interim ex divi date

Stop to entry for risk free trade.

Steady as she goes, fingers crossed !

Initial target 260.0 hit. Closed half (limit) +23.0
will add on any weakness.

Next target 280.0
240.0 support holding, stop still 237.0

Steady day on low volume.

Excellant trading statement, added to S/Bet @ 239.0.

Closed 2nd half of initial spread bet @256.5 + 19.5

Moved stop on top up to 249.0 to lock in +10

Stopped out at the open. Sitting on sidelines for now re - spreads, 14/12 interim ex divi date. 30/01 Trading Statement.

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Incredible two weeks for Mitie, wish I could say I was long from 239.0, sadly not, only managed to scalp + 14 on the spreads, oh me of little faith. Long from yesterday @ 259.3. trading statement 30/01, interim divi 06/02. Looking at the chart have to think it's due to pull back but have been saying that for the last two weeks :O) Initial target 280.0

Stop to 265.0 to lock in + 5.7

Moved stop to 250.0, consolidating a wee bit, sticking with it Interim 30/01 interim divi 06/02.

Closed @262.6 +3.3

Merrill Lynch downgrades Mitie group from buy to underperform, target price cut from 260.0 to 255.0 (really sticking there neck out there then :O)

Watching with interest tomorrow 06/02 half yearly dividend paid 4.4p. Will 250.0 or 240.0 act as support, will it tank. Or will a new trading range commence from either of these two levels and finally break out above 280.0 target 300.0 ?

Buy order triggered on the spreads @ 262.0 initial target 270.0 tight stop.

On the move this am, albeit on low volume.