Mitie completes $63M share buyback plan

LONDON, UNITED KINGDOM — Facilities management company Mitie Group (Mitie) has announced the completion of its £50 million (US$63.6 million) share buyback program for the financial year 2024.
During the program, Mitie repurchased 59 million ordinary shares at an average price of 85 pence per share.
Out of the repurchased shares, 26 million, or around 2% of total shares, have been canceled, while the remaining 33 million shares will be held in treasury to meet obligations under employee share schemes.
This buyback is part of Mitie’s ongoing capital allocation strategy. The company also completed a £50 million (US$63.6 million) buyback in the 2023 financial year.
“The Group remains committed to a disciplined allocation of capital with the aim of delivering further shareholder value,” Mitie noted.
Mitie was founded in 1987 and offers services to the UK’s public sector through its Central Government & Defence and Communities division. Mitie’s Technical Services and Business Services arm aid private sectors from the financial and professional services, industrials, retail, and transport segments.