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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 £4.0 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 £155 million, beating current guidance of at least £145 million. In financial 2022, operating profit before other items was £167 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 £50 million, with the first £25 million tranche being launched today. In November, Mitie reported revenue of £1.92 billion for the six months ended on September 31 from £1.91 billion. However, profit fell to £43.1 million from £49.2 million year-on-year. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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