Outsourcing group Mitie (MTO) reported steady revenue growth, up 5.9 per cent to £2.12bn, but profit before tax was 38 per cent lower at £58.8m following the closure of the underperforming mechanical and electrical engineering division that cost £22.1m.
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The core facilities management division successfully deployed the £775m Lloyds Banking Group contract during the year and reported revenue rose 9.6 per cent to £1.54bn, giving operating profit of £96.3m, as margins slipped 10 basis points to 6.2 per cent. The property management business saw more subdued trading with revenue largely unmoved at £349m, and operating profits were flat at £21.3m.
