Mitie chief backs smart energy to help revive fortunes

Phil Bentley says Connected Buildings offering ‘gaining traction’

Mitie chief executive Phil Bentley says the FM firm’s smart energy platform is “gaining traction” with 13 bids won in the last six months.

The former British Gas chief took the helm of the company last year after a profit warning dented its share price. Mitie’s value subsequently rose but has been on the wane since June this year.

However, Bently suggested the first half had been “solid” and that the company is “on track” to revive its fortunes.

The company has now installed 5,000 sensors via its Connected Workspace service, which aims to cut costs for companies by making smarter user of their energy via intelligent controls.

As well as making energy use more efficient, the aim is to make returns from selling flexible energy into contracted and non-contracted flexibility markets. Pilots are now live at Fujitsu and Allianz.

Posting half year results, the company said it had won 13 bids from 62 clients to whom it has touted its Connected Workspace service. However, the division made a £0.5m loss, attributed to higher senior staff costs and a new sales and commercial team as it attempts to drum up more smart business.

Overall, Mitie posted a half year loss of £5.5m versus an £86.8m loss for the same period last year.

The company said it had received bids for its property management division and is now treating it as a discontinued operation with a sale process underway.

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