Outsourcer Mitie revenues jump to record £4.5bn

15 April 2024, 09:04

Mitie van
Mitie. Picture: PA

The firm said it witnessed ‘strong’ growth in the final quarter.

Outsourcing giant Mitie has revealed record revenues of “at least” £4.5 billion for the past year amid continued growth.

Shares in the company swung higher on Monday morning as it also pointed towards higher profits.

The contractor and facilities manager said revenues jumped by 11% to record levels for the year to March 31.

Mitie hailed the performance during the final year of its three-year growth strategy as meeting or surpassing all its key targets.

The firm said it witnessed “strong” growth in the final quarter and “sustained demand from our clients for transformational projects across their estates”.

It added that higher revenues, combined with efforts to manage cost inflation and improve margins, mean it is on track for operating profits before other items of at least £200 million.

This would represent an increase of at least 23% on the previous year, when it reported £162 million.

Phil Bentley, chief executive officer of Mitie, said: “We are pleased with the performance of the business in full-year 2024, having delivered record revenue and operating profit, and an operating margin of 4.5%.

“Free cash flow generation has been strong, supporting our ongoing commitment to the return of surplus funds to shareholders via share buybacks.

“Our focus on technology, innovation and our people underpins our industry leadership in the UK, which is the largest and most dynamic FM (facilities management) market in Europe.

“Our strategy for facilities transformation will see Mitie extend its market leading position by converting our record pipeline of opportunities into new key accounts; accelerating growth in projects as we work with our customers to transform their estates; and continuing delivery of cost saving initiatives.”

Shares in the company were up 5.7% at 118p in early trading.

By Press Association