Mitie revenues boosted by summer riot response

Mitie Group has posted a 13% climb in H1 revenue to £2.4bn, as the security services provider suggested it had benefitted from the UK’s outbreak of violence and rioting in the summer.

The FTSE 250 group, which outsources security guards and emergency response teams, said the Government was forced into turning to the firm for its “surge response” security services in the wake of the disorder.

This boosted Mitie’s total revenue in the six months to the end of September by 7% in organic growth – which also included higher volumes for its immigration escorting services contract.

The security outsourcer also said its revenue improved by 6% via “inorganic growth”, which was mainly from the Landmarc consolidation and its two acquisitions of JCA and GBE Converge.

Mitie CEO, Phil Bentley, said that the group had also been making investments to develop its “facilities transformation” offering, to drive growth at what is the start of a three-year plan period.

“These investments are already starting to deliver tangible results, including a record performance in new contract wins and contract extensions/renewals in the period, ensuring continued growth momentum,” he said.

“Overall, we have made good progress against our strategic objectives, with revenue growth of 13% in H1, at least £20m of full year cost savings identified from margin enhancement initiatives, and the completion of two acquisitions.

“We therefore remain confident in meeting expectations for the current year and delivering our three-year plan targets.”



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