Updates from MITIE and Taylor Wimpey

The FTSE 100 finished Friday at 6,583. That's almost 65 points down on the week as a whole but 53 points up on the previous day. Fresnillo was Friday's biggest gainer, up +8.15% while Standard Life took the biggest bump, down -3.31%.

Overnight, the Nikkei 225 slips -0.70% at 13,519 and the Hang Seng rises +2.04% to 22,252.
A quiet day on the business numbers-and-news front. First, an interim from outsourcer MITIE. It claims it's well placed to achieve good levels of organic growth, particularly with its facilities management division. It says 89% of budgeted revenues for this financial year had been secured (30 June 2012: 87%).

The private sector sales pipeline remains buoyant, it claims, with a recent contract with restaurant operator Mitchells & Butlers to deliver waste management, cleaning and environmental services, for a total value of £38m over three years. Plus a number of contracts in the £5m and £10m region.

"The financial year," says the company "has started well and we have a growing order book as well as a strong pipeline of sales opportunities. We are positive about the range of outsourcing opportunities across our key markets."

Next, a half-year update from SVG Capital. There's an increase of 23% in NAV per share to 480p, equivalent to a return of 5% for MSCI World Index and 8% for the FTSE 350 (TR) for the same period, so the company claims.

There's £101 million of capital returned to shareholders in the six month period with a further £267 million targeted over the next 2-3 years, it adds. In terms of total return on investment portfolio, SVG claims +19%.

Reviews of two fund management businesses has meant "crystallising the value in these businesses for our shareholders with the sale of 50.1% of SVG Advisers to Aberdeen Asset Management and the agreed sale of SVG Investment Managers to Hansa."

Finally, builder Taylor Wimpey has completed the refinancing of its revolving credit facility, due to mature in November 2014, with a new revolving credit facility for £550 million due to mature in August 2018.

The move, says finance director Ryan Mangold, provides Taylor Wimpey "with a solid base to further optimise our capital structure later this year with the repayment of the Senior Notes, creating a more efficient debt structure by the end of the year and positioning the Group well for the future."

New demand for homes via George Osborne's Help-to-Buy scheme recently accelerated the company reservation book to almost 7,400 homes.

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