FINANCIAL REPORT

Financial report

Financial report

Introduction

MITIE assembly is a retaining company. Through its subsidiaries, Co. is engaged in the provision of services in support of the buildings and infrastructure of clients. Co. is organized into three operating divisions: facilities management, property management and asset management. Co.'s services include: document management; front of house, catering, cleaning, maintenance, landscaping, pest control, security, waste and environmental management; engineering maintenance; carbon reduction; energy and lighting efficiency;social housing maintenance and refurbishment; framework and partnering agreements; project management; roofing; repairs; redecoration; interior fit-out; plumbing and heating. MITIE assembly PLC (LSE: MTO) is a British strategic outsourcing and asset administration company with their head agency in Bristol. MITIE functions mostly in the UK and Ireland with a growing occurrence in Europe. It presents infrastructure consultancy, facilities management, house maintenance and a range of power management services to its customers. It is recorded on the London supply Exchange and is a constituent of the FTSE 250 Index. MITIE was founded by David Telling and Ian Stewart as MESL in 1987. It was first listed on the London supply Exchange in 1988. It merged with Highgate & Job in 1989 and was renamed the MITIE Group.

Their scheme of growth through acquisition has glimpsed MITIE acquire several enterprises over the past few years and in 2006 it acquired Initial Security, a premier security business. Following on in 2007 MITIE came by Robert Prettie & Co. Ltd for £32.7m and incorporated the expert plumbing, heating and mechanical services enterprise into their Property Services division. In 2008 MITIE continued its acquisitions scheme through the acquisition of Catering Partnership, and DW Tilley. The buy of DW Tilley permitted MITIE to extend their roofing services nation-wide. 2009 saw the acquisition of Dalkia Facilities Management for £130m to bolster its Technical Facilities Management capability and an expansion into Social Housing with the purchase of Environmental Property Services (EPS) for £38.5m. In 2010, MITIE came by the integrated amenities administration enterprise of Dalkia in Ireland.

MITIE stands for administration inducement Through Investment Equity, and the company's managers own a considerable few stake in the business. MITIE's enterprise model is founded on taking 51% equity stakes in start-up enterprises that drop into its very wide areas of activity. The administration of the new enterprise buys into the remaining capital and if certain targets are met they may deal the balance of the enterprise to MITIE after a repaired period for a addition based on the earnings accomplished (an earn out). Payment is made in a mixture of cash and MITIE shares. The managers generally stay with MITIE after the earn out.

As a result of this enterprise form MITIE has a large number of assembly enterprises that have significant managerial autonomy but share interior schemes, Human assets, IT and marketing resources.

MITIE provides consultancy for its purchasers to help manage their infrastructure. Carbon administration, sustainability, power, cost reduction, risk, change administration, off propping and shared services are some of the services that it ...