Revenue at outsourcing giant鈥檚 M&E arm falls 50% while losses in the business rise to 拢4.3m
Outsourcing giant Mitie鈥檚 mechanical and electrical engineering business has reported a 50% reduction in revenue after the firm announced it would be exiting the market.
In the six months to 30 September, the M&E business reported rising losses of 拢4.3m, up from a loss of 拢2.8m in the same period in 2012.
The business reported revenue of 拢41.2m, down from 拢81.6m over the same period last year.
However, this did not dent Mitie鈥檚 overall performance.
Revenue rose 10.5% to 拢1.04bn and pre tax profit grew 9.5% to 拢55m over the period.
In May, the firm announced that it would be exiting the M&E market saying that margins in the business were 鈥渨ell below the group average鈥�.
Today, chief executive, Ruby McGregor-Smith, said: 鈥淭he successful re-positioning of the business means we are in a stronger and better position than ever to deliver higher growth and maintain strong margins. We look ahead with confidence.鈥�
No comments yet