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MITIE revenues up but profits slip

27 July 2017 09:56

Facilities management company MITIE (MTO) grew first quarter group revenue by 5.5% to £535m.

This was driven by good momentum building in the security and engineering services division.

Recent contract wins include a major grocery retailer, a high-street chemist and a major online distribution company, together with a three year extension at Heathrow Airport Group.

MITIE said it is on track with its Project Helix transformation plan, but initiatives to improve customer service and upfront overhead costs meant that underlying first quarter profit was slightly down year on year.

Phil Bentley, CEO of Mitie, said: "We have made a solid start on contract wins and revenue generation in the first quarter, but there is still much to do to deliver the overhead savings we require to fund our investment-led Connected Workspace Strategy."

At 9:56am: (LON:MTO) MITIE Group PLC share price was +20.4p at 280.4p

Story provided by StockMarketWire.com

Related Company: MTO

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