Mitie secures new contract worth up to £168m

Outsourcer Mitie has been awarded a new contract with affordable housing provider Home Group.

The seven-year contract, secured by the company's property management business, is its largest since 2012, worth around £84m. It has an option to extend by seven years, which would bring the total value to £168m.

Mitie has been providing repairs and maintenance to Home Group residents since embarking on an interim contract with the company over a year ago. The subsequent contract award will see Mitie deliver responsive repairs, void works, servicing and heating repairs and planned works across central and northern regions of the UK.

Mat Bishop, managing director for Mitie’s property management business, said: "I’m delighted to have been awarded the full-term contract with Home Group, after initially starting work on an interim basis. This is a testament to us performing well and delivering a great service to our client. We look forward to building upon the success over the coming years."

At 1522 BST, the shares were down 0.4% to 296p.