-

Mitie boasts record profit, launches new share buyback

Mitie Group (LSE: MTO) celebrated “record revenue and operating profit” on Monday, initiating a further share buyback program. The facilities management company’s shares surged 7% by lunchtime. Mitie anticipates reporting an 11% increase in revenue …

Mitie Group (LSE: MTO) celebrated “record revenue and operating profit” on Monday, initiating a further share buyback program. The facilities management company’s shares surged 7% by lunchtime.

Mitie anticipates reporting an 11% increase in revenue to £4.5 billion for the fiscal year ending March 31st, up from £4.06 billion the previous year. Operating profit is expected to jump 23% to £200 million, compared to £162.1 million. Net debt, however, is estimated to have risen 93% to £85 million from £44 million a year earlier.

“We’re delighted with FY24’s performance, achieving record revenue, operating profit, and a 4.5% operating margin,” said CEO Phil Bentley. “Strong free cash flow generation supports our commitment to returning surplus funds to shareholders through share buybacks.”

Mitie announced a new £50 million share buyback program, following a similar program completed last month. The company will release its full-year results on June 6th.


Subscribe to Investomania for more Mitie Group news and updates.

Sign up for Investomania

Subscribe to the Investomania newsletter to have our daily recap delivered directly to your inbox.

No spam. Unsubscribe anytime.