Mitie Q1 revenue rises 11%, reaffirms full-year outlook

(Sharecast News) - Outsourcer Mitie backed its full-year expectations on Tuesday as it reported an 11.4% jump in first-quarter revenue. In the three months to the end of June, revenue rose to £1.05bn from £945m in the same period a year earlier. This was driven by an increase in projects and variable work, particularly in Central Government & Defence and Technical Services, as well as contract re-pricing and the contribution from prior year acquisitions.

Mitie said that during the quarter, it won or extended a number of significant contracts with a value of £1.1bn. It also said that one government contract of around £35m per year was not renewed in the quarter.

The company said: "Traditionally Q1 is the quarter with the lowest revenue for the group.

"Given the good growth achieved, the board remains confident in the group's ability to meet its growth expectations for FY24, particularly as margin enhancement initiatives continue to be delivered."