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149.40 -2.20 (-1.45%)

Bid:

149.90

Ask:

150.10

Spread: 0.20 (0.133%)

Market Cap: £1.86b

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Mitie acquires civil & structural engineering consultancy P2ML

Fri, 01st Apr 2022 08:28

(Alliance News) - Mitie Group PLC on Friday said it purchased civil and structural engineering consultancy P2ML Ltd for GBP2.1 million to expand its telecoms offering.

The Glasgow-based facilities management and professional services firm said that P2ML, also based in Glasgow, is a provider of engineering services to the telecommunications industry.

The acquisition is intended to broaden Mitie's scale and expertise in the telecoms sector.

Mitie said that the transaction will be funded through its existing facilities and should be accretive to earnings in the first 12 months of ownership.

P2ML generated revenue of GBP3.9 million and an operating profit of GBP500,000 for the year ended March 31.

Shares were up 1.1% at 55.70 pence each on Friday morning in London.

By Abby Amoakuh; abbyamoakuh@alliancenews.com