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Mitie backs full-year guidance amid lift in interim profit and revenue

23rd Nov 2023 09:48

(Alliance News) - Mitie Group PLC on Thursday said it saw profit and revenue grow in its first half, prompting it to back its full-year guidance.

The Glasgow-based facilities management company said in the six months that ended September 30, pretax profit rose 21% to GBP52.3 million from GBP43.1 million the year before, as revenue increased by 11% to GBP2.13 billion from GBP1.92 billion the previous year.

The uptick in revenue was driven by contract re-pricing, continued growth in its key accounts, projects upsell and infill mergers and acquisitions, Chief Executive Officer Phil Bentley explained.

Mitie raised its interim dividend by 43% to GBP1.0 pence per share from 0.7p per share in the first half of financial 2023.

Looking ahead, the company said it is "on track to have met, or significantly exceeded, all of our previous medium-term financial targets and guidance for [financial 2024]". It added that it expects to deliver recently raised guidance for its full-year operating profit before other items of at least GBP190 million, up from GBP162 million a year earlier.

Shares in Mitie rose 0.2% to 106.58 pence each in London on Thursday morning.

By Sabrina Penty, Alliance News reporter

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