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Mitie Group PLC on Thursday said it expected operating profit to jump in the current financial year as it was boosted by contract re-pricing and growth in key accounts. The Shard, London-based facilities management company said revenue climbed 14% to £1.15 billion in the three months to December 31, from £1.00 billion a year prior. It emphasised that third financial quarter revenue was 6.2% ahead of second quarter revenue of £1.08 billion, representing continued growth. The company said this reflected ongoing growth in key accounts and projects upsell as well as contract re-pricing and infill mergers & acquisitions. Meanwhile, Mitie said its current £50 million share buyback was nearing completion, as it announced the intention to use about £8 million of exercise receipts for further share buybacks within the current programme. The company expects to deliver operating profit before other items of at least £190 million in the current financial year 2024 to March 31, up 17% from £162 million in financial 2023. Mitie shares rose 2.3% to 102.20 pence each on Thursday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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