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152.10 1.00 (0.66%)

Bid:

151.80

Ask:

152.00

Spread: 0.20 (0.132%)

Market Cap: £1.89b

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Mitie doubles share buyback programme following "strong" first quarter

Wed, 24th Jul 2024 11:38

(Alliance News) - Mitie Group PLC on Wednesday announced it will double its share buyback programme to GBP100 million from GBP50 million.

Mitie is a Glasgow, Scotland-based facilities transformation company. Its core services include engineering, security, and cleaning & hygiene.

Mitie said it has so far repurchased GBP25 million worth of shares at an average price of 119 pence per share as part of the programme that began in April this year.

Mitie shares were up 1.0% to 120.80 pence per share in London on Wednesday morning.

The decision to increase its share buyback followed a "strong financial performance" in the first quarter of the year and a review of the expected timing of M&A opportunities pipeline.

Mitie on Tuesday had reported that revenue in the three months that ended June 30, its financial first quarter, increased by 11% to GBP1.16 billion from GBP1.05 billion a year before. It attributed this to recent acquisitions, an increase in projects, and variable work and pricing.

By Lydia Doye, Alliance News reporter

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