Mitie turns around their annual earnings

Mitie has cheered “steady progress” as they have turned around their annual earnings, despite a sharp fall with their order book.

Outsourcing giant Mitie said in their full year trading update, they’re expecting underlying operating profit to rise between £84m to £87, up £83.2m in 2018.

However, Mitie warned their order book has fallen by around 10% over the year.

Last November the company took a £255m hit in their order book over the first half. However, they are expecting “moderate” earnings growth for 2019 and 2020.

Chief executive Phil Bentley said, “The second year of our transformation has seen steady progress in Mitie.

“This is against a backdrop of undoubted challenges for the outsourcing sector, and some short-term economic uncertainty impacting clients’ capital programmes and willingness to enter into longer-term integrated contract commitments.”