17th Nov 2022 10:36
(Alliance News) - Mitie Group PLC said on Thursday its half year profit fell, although it declared an increased interim dividend for its shareholders.
The Glasgow-based facilities management company reported that in the six months that ended September 30, profit fell to GBP43.1 million from GBP49.2 million year-on-year.
However, it declared an increased interim dividend of 0.7 pence per share, a 75% year-on-year increase from 0.4 pence.
Revenue from continuing operations marginally increased to GBP1.92 million from GBP1.91 million, arguing new contract wins, acquisitions and price inflation offset the boost from short-term Covid-19-related contracts a year ago.
"Although inflationary pressures will continue into the second half, historically our second half performance is stronger, with increased revenues from projects, seasonal winter work, and the ramp-up of margin enhancement savings coming through as the year unfolds. We therefore expect to deliver operating profit before other items of at least GBP145 million for the financial year 2023," Group Chief Executive Phil Bentley said.
Shares in Mitie Group increased by 6.3% to 79.00 pence in London on Thursday morning.
By Greg Rosenvinge; [email protected]
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