Cleaning and support services company, Mitie, has revealed a £300m war chest for future acquisitions.
The firm, which maintains council homes and properties for a number of local authorities, published its preliminary results for the year ending March 2008 last week.
Its latest set of financial figures revealed an order book of up to £4.4bn, and underlying group profits of £70.6m, compared with £58.2m the year before.
Revenue also rose by 14.5% in the year to £1,407.2m, compared with £1,228.8m in 2007.
‘We have had an excellent year and delivered record results,’ said chief executive, Ruby McGregor-Smith.
‘Our business is focused on growth through its strength in integrated facilities, property and engineering services.
‘We are confident in our ability to make progress in this economic climate, and there are positive trading conditions across all three divisions. We have a record order book and are well positioned to deliver sustainable, profitable growth.’
In October 2007, Mitie was awarded a £20m contract by Dacorum BC to improve the quality and efficiency of its repairs.
The firm also signed a £40m deal last year with Birmingham City Council to improve the maintenance of local authority-owned buildings.
It has also signed a four-year contract with Suffolk CC to provide painting, repairs and redecoration of public buildings.
Mitie has also secured a key role in Perth and Kinross Council’s investment in learning project.
The company’s latest set of financial figures reveal it made three acquisitions in 2007.
The takeovers included Nottingham-based plumbing business, Robert Prettie, which works in partnership with councils, developers and registered social landlords on kitchen and bathroom installations.
Mitie also bought national roofing contractor DW Tilley, and Midlands-based catering firm, Catering Partnerships Holdings.
Highway Maintenance Budgets: The Long View
Mark Stevens, ADEPT, talks about local authority highway maintenance budgets, looking at how they have been impacted over the years by funding cuts.
