Trading update reveals specialist outsourcing firm is holding up well against the economic downturn
Outsourcing specialist Mitie today said it was weathering the economic storm, with only 鈥渘iche areas鈥� of its business affected by the downturn.
In a trading update issued to the stock exchange, the firm said it was on course to hit earnings expectations and had already secured 98% of its expected revenue for the financial year to the end of March.
Mitie added that it was still in a position to consider 鈥渟elective investment鈥� in new businesses where it sees growth potential, such as facilities management and business development capability. It added that it would target winning work in areas of government spending on health, education and social housing.
The firm said it was experiencing a slowing in 鈥渘iche鈥� areas of its 鈥渋nterior fit-out and new build housing activities鈥� but described its exposure to these markets as 鈥渕inimal鈥�.
The update came on the back of Mitie winning preferred bidder status in two major public sector contracts - the 拢65m Derby 黑洞社区 Schools for the Future programme, and a 拢78m slew of social housing Decent Homes work, across Hampshire, Middlesex, London, Essex, Renfrewshire and Glasgow.
Shares in the company rose 2% in early trading.
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