MITIE Group PLC,  the strategic outsourcing and asset management company, has just reported continung “good growth” in the second half of the year in its latest trading performance update.

Group earnings for the year ending 31 March 2009 have continued in line with management expectations. According to the statement, MITIE remains well placed to provide cost effective outsourcing solutions across the estates of new and existing clients.

Mitie were recently made preferred bidder for a six-year integrated facilities management contract with Thames Water Utilities Ltd (TWUL). The estimated total value of the contract for MITIE is over £100m, which will cover TWUL’s entire estate, including their head office building and laboratories as well as operational buildings throughout the Thames region. MITIE will have responsibility for managing and delivering a variety of expertise and services, which will include a tailored asset management strategy, enabling the client to identify and target effective capital investment, reducing annual operational expenditure. This will be combined with a range of other services, driven through a dedicated helpdesk system.

The company said that MITIE has a very strong balance sheet with minimal debt and is supported by committed funding lines of £230.0m, which are renewable in 2012. This leaves MITIE extremely well positioned to take advantage of value creating acquisitions and other opportunities as they arise. Mitie is a leading FTSE 250 business with 49,000+ people and revenues in excess of £1.4bn.