Mitie nearly doubles contract work to £2bn amid push into power services
The outsourcer boosted revenues by 10% after winning new contracts with British Airways, the Home Office and Lloyds Bank.
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Your support makes all the difference.Mitie has nearly doubled the value of its security and cleaning work since this time last year after winning new contracts with the likes of British Airways, Aldi and the Home Office in recent months.
The outsourcer said its total contract value was £2 billion for the three months to June 30, up from £1.1 billion the year before, with new contracts and extensions with Lloyds Bank, NHS Property Services and insurer Royal London.
Mitie is one of the UK’s largest outsourcing companies and specialises in so-called facilities management. It also carries out work including deportation, waste removal and maintaining parts of the electrical grid.
In a first quarter update, Mitie said revenue jumped 10% year-on-year to £1.16 billion, while net debt more than doubled to £182 million, “as we pay our supply chain for the increased volume of project works”.
The good trading momentum from last year has continued into the first quarter of financial year 2025
It also won a military contract to maintain the British Army’s estate of military bases in Germany, helping boost its central government and defence arm’s revenues by 4.3% to £217 million.
Mitie said its revenue growth was also partly down to having bought a slew of smaller companies during the period, most recently picking up electrical engineering firm ESM Power for £8.5 million.
Mitie said earlier this month that the deal will boost its profile in the “growing high-voltage power connections market” amid continued “significant capital investment” as the UK moves towards net zero.
Mitie also recently bought Rock Power Connections and GS Energy, which specialise in electric car charging and high voltage power respectively.
Chief executive Phil Bentley said: “The good trading momentum from last year has continued into the first quarter of financial year 2025, with double digit revenue growth from our projects business, including the benefit from the previous year’s acquisitions.
“Contract wins and renewals also remained high, following a record final quarter in financial year 2024, reinforcing the strength of our market-leading, technology and data-rich capabilities.”