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Mitie’s performance for the first half of 2021 has been encouraging, according to the Group’s half year results and it is making steady progress towards delivering its new growth strategy.
The results for the period to September 30th show that underlying revenue (excluding Interserve) was up 36 per cent, back at pre-COVID levels, while revenue including share of joint ventures and associates of £1,912m, up 103 per cent, boosted by the inclusion of Interserve Facilities. Operating profit before other items was £85m, up 367 per cent compared to last year, with a strong revenue growth.
Said Phil Bentley, Group Chief Executive, Mitie. “We have delivered a strong performance in H1 across all our divisions as the addition of Interserve Facilities Management and the contribution from COVID-related contracts boosted the performance of our business. With our underlying business back to pre-COVID levels, we have reinstated our interim dividend.”
“Our new strategy – focusing on growth, enhancing margins, and improving cash generation – is progressing well. Our ‘Science of Service’ offering is gaining traction, as clients’ workspaces require greater hygiene, intelligent security, and critical asset monitoring. We hope to add to the acquisitions made in decarbonisation (Rock Power Connections), telecoms maintenance (DAEL Ventures UK Ltd), and intelligent security Esoteric.”
He continued: “Our second half is traditionally a little stronger than the first half, as the final quarter attracts additional project works across the public sector. Excluding our short-term COVID-related contracts – which we expect to significantly reduce in the second half – we are again expecting a stronger second half performance for the underlying business.”
