30th Jul 2019 12:18
(Alliance News) - MITIE Group PLC on Tuesday said first quarter trading in its financial year met with company expectations and organic revenue growth was in line with its organic growth rate the year before.
Shares in the outsourcer were up 2.9% at 165.60 pence in midday trading.
Total revenue growth was approximately 14%, including the contribution from its acquisition of Vision Security Group Ltd and its Home Office Detention & Escorting contract.
Organic revenue growth, which excludes the acquisition, was around 5%, which was broadly in line with the company's organic growth rate in its prior financial year ended March 31.
MITIE reported growth in all divisions, especially Care & Custody and Cleaning & Environmental Services. However, earnings before interest and taxation growth was limited due to mobilisation costs and was in line with the first quarter of its prior financial year.
Overall, the company said its expectations for its 2020 financial year have not been changed.
Average daily net debt was around GBP55 million lower than the year before, while average total financial obligations improved by GBP80 million year-on-year.
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