Outsource giant Mitie Group’s revenue surges to £4bn
British strategic outsourcing and energy services company Mitie Group saw a revenue increase of eight per cent after a positive trading update and reinstated dividend.
Full-year revenue climbed 58% to £3.99 billion (US$4.8 billion), with operating profit leaping from £4 million to £72 million (US$269 million to US$4.6 billion).
The outsourcing giant has benefited from significant contract wins, including streaming platform Netflix and retail company Primark.
Mitie chief Phil Bentley said inflation was being “well managed” by the FTSE 250 firm.
The Board recommended reinstating the final dividend of 1.4p and Mitie will now commence an initial £50 million (US$3.2 million) share buyback program.
Looking forward, the firm expects to deliver “mid to high single-digit revenue growth, together with good operating margin progress”.
