Facilities management group says it is open to acquisition opportunities due to strong cash flow

Facilities management group Mitie has said it is looking for takeover targets thanks to its healthy balance sheet.

In a trading update to the City, the group said: 鈥淥ur strong cash flow continues to give us significant financial flexibility to take advantage of any acquisition opportunities that may arise.鈥�

Elsewhere, it said it had secured a record 83% of budgeted revenue for the year ended 31 March 2009 compared with 81% last year.

A company statement said: 鈥淭rading in our market remains favourable. Outsourcing is a recognised way for companies to reduce costs.

鈥淐onsequently we continue to see opportunities to grow.鈥�

The consensus forecast for the year ended 31 March 2009 is pre-tax profit of 拢77.6m on turnover of 拢1.54bn.

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