Bumper fourth quarter boosts full-year earnings at Mitie

(Sharecast News) - Facilities management specialist Mitie Group posted a jump in annual revenues on Thursday, following a "record" end to the year. Updating on pre-close trading, Mitie said revenues had grown around 13% during the three months to 31 March, helping lift full-year revenues 11% to a record £5.65bn. On an organic basis, annual sales rose 6%.

Annual operating profits were 12% stronger at £260m.

Mitie said it had benefited from "significant" contract wins during the year, including agreements with Asda, Aviva, Diego Garcia, the Home Office and Transport for London. Further supporting growth were a number of acquisitions, including testing specialist Marlowe, which completed in August.

Phil Bentley, chief executive, said the company was making good progress on its long-term strategic plans. "We have delivered record revenue, built a strong order book and pipeline, improved our operating margin despite material cost headwinds, and completed the acquisition of Marlowe, extending our leadership into facilities compliance," he said.

The outsourcer was also increasing its investment in artificial intelligence, Bentley confirmed, adding: "Our strong order book, recent contract wins and bidding pipeline underpin the growing momentum in the business and we remain confident of delivering our 2027 full-year targets."

Mitie separately announced two further acquisitions on Thursday - Denmark's El Team Vest and Norway's ABC Elektro - for a combined initial cash consideration of £8.1m, which was expected to boost its presence in the European data centre fire and security systems market.

As at 1030 BST, the FTSE 250 stock was trading up 3% at 185.4p.

Mitie is due to publish full-year numbers on 4 June.

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