Mitie on track rebuilding | City & Business | Finance



The pest control, cleaning and security contractor posted 6 per cent lower annual adjusted operating profit of £77.1million on revenue up 3.8 per cent to £2.2billlion. 

Bentley thinks support services groups might start to regain some pricing power following the collapse of Carillion.

He said: “In the long run it doesn’t serve anyone well if the industry’s on its knees. 

We are one year into our transformation programme and we are where we need to be. We have made much progress.”

Andrew Gibb, an analyst at RBC Capital, said: “The group is clearly making progress, but with much of the heavy lifting now complete, there is a platform in place from which to grow.”

Derek Mapp, Mitie’s chairman, said: “Technology and scale remain opportunities for the sector and what has become clear is that these need to be delivered in tandem with a wholesale industry-wide correction in the pricing of risk. Contracts need to correctly account for price, quality, certainty and timeliness of delivery.”


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