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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 £43.1 million from £49.2 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 £1.92 million from £1.91 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 £145 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.
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