Pre-tax profits on the rise at Mitie's Property Management division

Mitie Property Management Limited report pre-tax profits of £1.77m in its last financial year

Ed Robinson/OneRedEye MITIE

The property management division of outsourcing giant Mitie Group plc, says pre-tax profits have increased by £243,000 in its most recent financial year.

Mitie Property Management Limited revealed pre-tax profits had risen to £1.77m in the year ended March 31, 2014.

The wider Mitie Group, headquartered in Bristol, employs some 15,000 people in the North of England and recently announced a strategic partnership with forensics specialists SmartWater Technology.

The move, said to be the first partnership of its kind within the security sector, will see Mitie’s total security management business and SmartWater work together across a number of different business areas to reduce clients’ risk against data theft.

Mitie will add SmartWater’s services and products to its mobile and void property security offerings including its key holding and alarm response services.

In early August Mitie announced that Bill Robson, the managing director of its Property Management division would remain in post but had stepped down as an executive director of the Board, in July.

At the same time the firm also announced it had secured a contract with Virgin Money to deliver ‘soft facilities management’ at the firm’s Gosforth office and Camperdown sites.

Mitie also revealed a new contract to deliver hard facilities managements services to Heathrow Terminals 3, 4 and 5 and the Heathrow Express valued at £19m over three years.

The deal included an extension of its existing airside and landside contract.

In a trading update for the whole group earlier this month, Mitie said: “Mitie has had a positive start to the year with good organic revenue growth driven by new and expanded contracts. At 30 June 2014, 90% of budgeted revenues for this financial year had already been secured (30 June 2013: 89%), with phasing on a number of contracts expected to result in overall performance being weighted towards the second half of the financial year.

“The financial year has started well. We have a substantial order book as well as a strong pipeline of sales opportunities.”


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