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(Alliance News) - Outsourcing and services firm MITIE Group PLC on Thursday said revenue in the first nine months of its financial year edged higher, helped by the contribution of Vision Security, which it acquired in October 2018.
In the nine months to December 31, total revenue, including Vision Security's contribution, climbed 6%, MITIE noted, with "good growth" in its Business Services and Specialist Services divisions.
MITIE back in October 2018 acquired Vision Security Ltd for GBP14 million from catering firm Compass Group PLC. The unit provides security systems, as well as manned guarding and key-holding services.
On an organic basis, revenue was flat year-on-year, after MITIE reduced spending in its Technical Services division and the lowering of the firm's footprint in continental Europe.
MITIE noted that it has secured a number of "private sector" clients, including a GBP150 million facilities management deal with pharmaceutical major GlaxoSmithKline PLC.
Its public sector has been "comparatively softer", however.
As a result, organic growth for the year to March 31 is expected to be flat.
A cost-cutting programme is generating "good momentum" MITIE said, and the company is confident of meeting earnings guidance for both financial 2020 and 2021.
MITIE shares were 1.5% higher at 132.70 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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