Outsourcing firm Mitie announced no "material changes" to public sector markets in an upbeat half-year statement that confirmed that 78 per cent of budgeted revenues were secure for the year.
Unlike some peers, the group has not been talking to the Cabinet Office about ways to help cut contract costs, but said that bid activity is directed towards deals commencing in the next financial year. The group recently enhanced its European presence after obtaining preferred bidder status for Rolls-Royce European facilities management. And despite the acquisition of Dalkia's facilities management business in Ireland and an increased stake in Service Management International Limited, the group has a strong balance sheet with committed funding lines of £230m in place until January 2012.
When: 4/12/09
Price: 229p
Performance: -6%
