Mitie sees a boom in the pipeline

Outsourcing specialist MITIE yesterday said its bid pipeline had reached "unprecedented" levels as public and private sector clients chase down costs.

The Bristol-based firm posted a better than expected 17 per cent rise in pre-tax profits to 91.7m for the year to March 31, while orders jumped from 4.9bn to 6.4bn.

Shares rose almost 5 per cent as chief executive Ruby McGregor-Smith also reported an "extremely positive" start to the new financial year.

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"We have excellent visibility of future revenues, a growing long-term order book and an unprecedented level of bid opportunities," she said.

Contracts won since the year end include a 140m six-year deal to manage the national property portfolio of rival outsourcing firm Capita.

MITIE – which stands for Management Incentive Through Investment Equity – has more than 56,000 full and part time staff with several thousand employees holding equity stakes in the business.

The group offers services from property management, cleaning security and maintenance to advice on cutting carbon emissions.

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Clients range from Abbey owner Santander and Lloyds Banking Group to British Nuclear Fuels and the National Audit Office.

MITIE said 55 per cent of its 1.72bn revenues last year were accounted for by private sector clients, where the group has seen an "increasing level of tender activity for all services".