Mitie Group (LON:MTO) is powering ahead with double-digit growth and bold transformation plans, reporting a 10% jump in revenue for its first quarter while touting a pipeline of big new contracts.
The FTSE 250 outsourcing giant said sales hit £1.28 billion in the three months to June, up from £1.16 billion a year earlier, driven by fresh contract wins, scope expansions and stronger project demand. Recent client grabs include Aviva, Hull University Teaching Hospitals and the UK Home Office, with immigration services adding another revenue stream.
CEO Phil Bentley called the update a “strong start” to the year, reaffirming Mitie’s shift from basic facilities management to a tech and project-led operator. Bentley pointed to the £366 million acquisition of compliance specialist Marlowe as a “key pillar” of this pivot, with the deal expected to close in early August.
Mitie’s pitch is simple: move up the value chain with technology, compliance and large-scale transformation projects. Investors seem to like it, shares are up 27% so far this year, adding another 2.3% after Tuesday’s update.
Bentley summed it up bluntly: “We’re not just cleaners anymore.”