Mitie Group Reports Revenue Growth and Reiterates Full-Year Profit Guidance

By Joe Hoppe

Mitie Group, a leading outsourcing company in the UK, has announced a 14% YoY increase in revenue for the three months ending December 31. The total revenue reached a record high of £1.14 billion ($1.45 billion), driven by the strong performance of the Key Accounts and Projects unit. This growth can be attributed to successful upselling, contract repricing, and strategic mergers and acquisitions.

Mitie Group has reaffirmed its guidance for full-year operating profit. The company expects the operating profit for the fiscal year ending March 31 to exceed £190 million, surpassing the £162 million achieved in fiscal 2023.

Furthermore, Mitie Group has witnessed a substantial increase in contract wins, extensions, and renewals during the first nine months of fiscal 2024. The total value of these contracts rose by 46% YoY, amounting to £3.5 billion.

While Mitie Group anticipates the growth momentum to continue into the fourth quarter, it acknowledges that the revenue growth rate is likely to moderate compared to the exceptionally strong performance of the previous year’s Projects work. Nevertheless, Mitie Group expects the fourth quarter’s revenue growth to remain comfortably ahead of the wider facilities management market.

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