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Mitie Group PLC on Monday hailed ‘record revenue and operating profit’ as it kicked off a further share buyback. Shares in the Glasgow-based facilities management company were up 6.9% to 119.34 pence each on Monday morning in London. Mitie expects to report an 11% rise in revenue to £4.50 billion for the financial year that ended March 31 from £4.06 billion in financial 2023. Operating profit of £200 million is expected, a 23% surge from £162.1 million. Net debt as at March 31 is estimated to have increased 93% to £85 million from £44 million a year prior, however. ‘We are pleased with the performance of the business in FY24, having delivered record revenue and operating profit, and an operating margin of 4.5%. Free cash flow generation has been strong, supporting our ongoing commitment to the return of surplus funds to shareholders via share buybacks,’ Chief Executive Officer Phil Bentley said. Mitie also announced a further £50 million share buyback programme. A share repurchase programme of the same size had been completed last month. Mitie will release its full-year results on June 6. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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