MITIE Group
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| Mitie Group plc | |
| Type | Public (LSE: MTO) |
|---|---|
| Founded | 1987 |
| Headquarters | Bristol, UK |
| Key people | David Ord, Chairman Ruby McGregor-Smith, CEO |
| Industry | Support services |
| Revenue | £935.6 million (2006) |
| Operating income | £48.1 million (2006) |
| Net income | £35.0 million (2006) |
| Employees | 39,000 (2006) |
| Website | www.mitie.co.uk |
MITIE Group plc is a British business services company based in Bristol. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
MITIE was founded by David Telling as MESL in 1987. It merged with Highgate & Job in 1989 and was renamed the MITIE Group. "MITIE" stands for Management Incentive Through Investment Equity, and the company's employees own a substantial minority stake in the business. MITIE's business model is based on taking majority equity stakes in start up businesses which fall into its broad fields of activity. The management of the new business invests the remaining capital and if certain targets are met they may sell the balance of the business to MITIE after a fixed period for a sum based on the profits achieved (an earn out). Payment is made in a mixture of cash and MITIE shares. The managers usually remain with MITIE after the earn out.
As a result of this business model MITIE has a large number of group businesses which have significant managerial autonomy but share internal systems and marketing resources. MITIE services, maintains, manages and improves buildings and infrastructure for its customers, by supplying a range of construction, maintenance and outsourcing services. These include air conditioning installation and maintenance, fire protection systems, painting and decorating, housekeeping, the maintenance of electric and electronic systems, security, catering, document management, pest control and waste management.
MITIE Group operates mainly in the United Kingdom, but has also moved into Ireland where MITIE Business Services provides Call Centre and Switchboard facilities to Merrill Lynch. Its turnover for the year to 31 March 2006 was £935.6 million. Profits before tax were £50.5 million.
