Cleaning and maintenance company Mitie Group has reported a 21 percent rise in annual profits, citing increased customer outsourcing activity as companies struggle to cut costs.

Mitie said pretax profit for the year ended March 31 increased to £70.6 million pounds on revenues of £1.4 billion. Mitie's guidance for fiscal 2008 included an upbeat assessment of future outsourcing opportunities as the financial climate worsens.