18th Nov 2021 10:31
(Alliance News) - Mitie Group PLC on Thursday reinstated its interim dividend after a first half that saw the group swing back to profitability on the back of a wave of new and renewed contracts.
The Glasgow-based facilities management and professional services company posted a pretax profit for the first half ended in September of GBP50.0 million, swung from a GBP900,000 loss a year earlier.
Revenue almost doubled annually to GBP1.87 billion from GBP942.8 million. While revenue including joint ventures and associates saw similar gains at GBP1.92 billion from GBP942.8 million.
Growth was partly attributed to new contract wins and renewals with total contract values of around GBP1.8 billion at the period end, more than triple GBP500 million a year before.
"We have delivered a strong performance in the first half across all our divisions as the addition of Interserve Facilities Management and the contribution from Covid-related contracts boosted the performance of our business," said Chief Executive Phil Bentley.
Looking ahead, Mitie reiterated its annual operating profit guidance of between GBP145 million and GBP155 million. It expects a stronger second half performance for the underlying business, it outlined.
Mitie said it would reinstate an interim dividend at 0.4 pence on the back of underlying business returning to pre-Covid levels.
Shares were 0.1% lower in London on Thursday morning at 71.34 pence each.
By Will Paige; [email protected]
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