Mitie has reported a fall in profits over the past six months.
The outsourcing firm said that it expects to see “modest” growth for the full year as it feels the effects of Carillion’s collapse.
Despite selling several of its divisions and reporting a 4% rise in revenue to £1.04 billion, adjusted operating profit fell over 4% to £38.4 million.
Over the past six months, the group has offloaded its pest control business in a £40 million deal to Rentokil Initial (LON: RTO). The group has also sold its social housing business to Mears (LON: MER) in a £36 million deal.
Chief executive Phil Bentley said: “We continue our strategic focus on our core businesses and core clients. We are enhancing service delivery and margin by reducing our cost base, investing in customer services and deploying the distinctive technology our clients increasingly demand from their ‘Connected Workspace’.”
“We are making steady progress on all fronts. With recent disposals and acquisitions, we have begun the process of sharpening our focus on those business lines where we can secure a leading market position, underpinned by technology. This approach is already gaining traction.”
“Our industry remains competitive and challenging, but with the actions we are taking, we see improving prospects for growth ahead of us,” he added.
Shares in Mitie (LON: MTO) fell over 3% as markets opened on Thursday. Shares are currently trading -2.42% at 153,10 (0832GMT).
