Facilities management firm Mitie Group has said it expects revenue growth for this year, and has announced a share buyback programme.
The London-headquartered business, which has operations in North Somerset and Dublin said shares were up 13% at 91.90p on Tuesday (April 18). In an update for the year to March 31 2023, the listed outfit confirmed that the "encouraging performance" it had enjoyed during the period had continued over the balance of the 12 months.
Read more: Estate agent group’s profits grow amid rising rent inflation
Fourth quarter revenue grew by 10%, excluding Covid-related contact revenue in Q4 of 2022. As such, it expects FY23 revenue to be "slightly ahead of the prior year" – which stood at around £3.9bn – having successfully replaced all revenue from short-term Covid-related contracts.
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 has also launched a £50m share buyback programme, with the first £25m being launched today (April 18).
In November, Mitie reported revenue of £1.92bn for the six months ended on September 31 from £1.91bn However, profit fell to £43.1m from £49.2m year-on-year.
Last year Mitie secured a £3m baggage screening contract renewal with Bristol Airport. The company said it was working with the transport hub to develop “a new industry leading method” of baggage screening, as part of efforts to find opportunities for innovation and efficiency.
Mitie employs around 75,000 staff and has customers within financial services, manufacturing, transport, retail, telecoms and increasingly in the public sector.
Read next:
Bristol tech firm founded by former Royal Marines raises £1.6m
Inflation pressures easing on South West firms, NatWest study suggests
South West recruitment issues as firms say rising wages drive up prices
200 jobs created at South West nursing agency Ocean Healthcare
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
