Mitie delivers record revenues in Q3

(Sharecast News) - Outsourcing group Mitie said on Thursday that it had delivered record quarterly revenues in the three months ended 31 December, reflecting "strong organic growth" throughout the period. Mitie said Q3 revenues were 15% year-on-year at £1.31bn on the back of strong operational delivery and continued execution of its strategic initiatives.

The FTSE 250-listed group also said the year-to-date total contract value of wins/renewals/extensions was up 37% to £4.8bn, while closing net debt ballooned from £81.0m at the end of March to £246.0m as of 31 December.

Mitie added that it was on track to deliver FY operating profit before other items of roughly £225.0m and free cash flow of at least £100.0m, up from £210.0m and £158.0m, respectively.

Chief executive Phil Bentley said: "Revenue growth in Q3 was slightly ahead of the half year outturn, and included the benefits from transformational projects work, scope increases and record new contract wins in earlier periods. Our contract wins and extensions/renewals are a leading indicator of future growth, and our strong performance once again in Q3 is therefore encouraging."

As of 0845 GMT, Mitie shares were up 0.70% at 114.80p.









Reporting by Iain Gilbert at Sharecast.com