- Mitie reported that revenue rose 11% to £4.5bn in the year to March.
- The company launched ‘Project Pegasus’ in collaboration with the Ministry of the Interior
Mitie Group has achieved another year of record turnover thanks to new contracts and subcontractor work to fight retail crime.
The FTSE 250 group saw its revenue soar 11 per cent year-on-year to £4.5bn in the 12 months to the end of March, breaking last year’s record of £4.05bn.
Organic revenue grew 7.1 percent thanks to repricing of engineering and maintenance services contracts and agreements from companies including Amazon, BAE Systems and Lloyds Banking Group.
Results: Mitie reported revenue rose to £4.5bn in the 12 months to March
Mitie, whose head office is located in London’s Shard skyscraper, earned £6.2 billion in contract awards or renewals during the period, compared with £4.3 billion the previous year.
It has recently secured work from public sector organizations such as the Department of Transport, the Defense Infrastructure Organization and Spanish airport operator Aena.
The London-listed company also launched ‘Project Pegasus’ alongside the Home Office and several UK retailers to tackle shoplifting, which has soared to the highest levels in England and Wales since records began. .
Under the initiative, Mitie provides officers to some high-risk stores and operates security operations centers (SOC), which retail staff can contact if they suspect theft is taking place.
It said it was employing “cutting-edge technologies” as part of the projects, such as biometrics, AI video analytics and cloud-based systems.
Mitie’s turnover was further boosted by acquisitions, the two largest being JCA Engineering and fire and security technology provider GBE Converge Group.
Healthy revenue growth, combined with rising margins, helped Mitie’s operating profits rise 30 per cent to £166m.
Phil Bentley, CEO of Mitie, commented: “We are pleased with our strong performance in FY24, having delivered record revenue, operating margin expansion and a good return on invested capital.”
“Mitie is a cash-generating company with a strong balance sheet and we are committed to investing in accelerated growth as well as returning surplus funds to shareholders through share buybacks.”
The FTSE 250 company is carrying out another £50m buyback plan and plans to pay a final dividend of 3p per share, meaning its full-year dividend has jumped 38 per cent.
Shares of the Mitié Group They rose 0.7 per cent to 120.8 pence on Thursday morning and have risen around 23 per cent since the start of the year.
Adam Vettese, an analyst at eToro, said: “With contract values for next year being £2bn higher than last year, investors could see room for the strong performance to continue.”