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Prices & Quotes - UK Markets - Mitie Group (MTO)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
71.00p
Change Today:
0.000p
Market Cap:
1,013.82m
Sector:
Support Services

Mitie revenues double in first quarter, boosted by acquisition

By Michele Maatouk

Date: Tuesday 27 Jul 2021

LONDON (ShareCast) - (Sharecast News) - Mitie said on Tuesday that group revenues doubled in the first quarter following the acquisition of Interserve's facilities management business, sending shares in the outsourcer sharply higher.
In an update on trading for the three months to 30 June, the company said revenue rose 104% from the same period a year prior to 930m.

Revenue excluding Interserve rose 36% to 618m. The company put this down to 110m of revenue from short-term Covid-related government projects, new wins, and the gradual re-opening of UK businesses, which it said had "a positive effect on discretionary projects and variable works".

Mitie bought Interserve Facilities Management last year for 190m.

Revenue in Technical Services was ahead 27.5% at 204m, while the business services segment saw growth of 46.8% to 357m. Revenue in Specialist Services was 9.6% higher at 57m.

"Although the performance in the first quarter was boosted by shorter-term Covid-related contracts, recent high-quality wins, the re-opening of customers' premises and the gradual recovery of the economy provide a strong underlying trading momentum which gives the board considerable confidence for the second half and delivery of its full year expectations," Mitie said.

"Our growth, margin enhancement and cash generation strategy, allied with improving sales performance, and the accelerated uptake of our Connected Workplace and Science of Service offering, are expected to position the company strongly for the future."

At 1220 BST, the shares were up 4.8% at 65.58p, having risen to as high as 66.65p immediately after the announcement.



Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Mitie Group Market Data

Currency UK Pounds
Price 71.00p
Change Today 0.000p
52 Week High 77.30p
52 Week Low 27.25p
Volume 675,932
Shares Issued 1,427.91m
Market Cap 1,013.82m
Beta 0.02

Performance Indicators

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What The Brokers Say

Strong Buy 5
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 6
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Mitie Group Dividends

  Latest Previous
  Interim Final
Ex-Div 19-Dec-19 27-Jun-19
Paid 04-Feb-20 09-Aug-19
Amount 1.33p 2.67p

Trades for 17-Sep-2021

Time Volume / Share Price
13:46 41 @ 70.92p
13:34 27 @ 71.00p
13:34 1,937 @ 71.00p
13:34 67 @ 71.00p
13:34 38 @ 71.00p

Mitie Group Key Personnel

CEO Phillip Bentley