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Mitie Group announces GBP50 million buyback; guides for higher revenue

18th Apr 2023 09:16

(Alliance News) - Mitie Group PLC on Tuesday said it expects revenue for the year ended on March 31 to exceed the figure in financial 2022, and announced a share buyback programme.

Shares were up 13% at 91.90 pence each on Tuesday morning in London.

The Glasgow-based facilities management company said revenue for financial 2023 is expected to be slightly above GBP4.0 billion the year before, having "successfully replaced all revenue from short-term Covid-related contracts".

Operating profit before other items is expected to be at least GBP155 million, beating current guidance of at least GBP145 million. In financial 2022, operating profit before other items was GBP167 million.

Mitie said the encouraging performance reported during financial 2023 has continued, with revenue growing by 10% compared with the same period the year before.

Looking ahead, Mitie said it is entering the new financial year with a strong order book and a healthy pipeline. It added that momentum form margin improvement initiatives will continue into financial 2024.

Additionally, the company announced a new share buyback programme worth GBP50 million, with the first GBP25 million tranche being launched today.

In November, Mitie reported revenue of GBP1.92 billion for the six months ended on September 31 from GBP1.91 billion. However, profit fell to GBP43.1 million from GBP49.2 million year-on-year.

By Xindi Wei, Alliance News reporter

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