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.
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