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(Alliance News) - Mitie Group PLC on Thursday said it expected operating profit to jump in the current financial year as it was boosted by contract re-pricing and growth in key accounts.
The Shard, London-based facilities management company said revenue climbed 14% to GBP1.15 billion in the three months to December 31, from GBP1.00 billion a year prior.
It emphasised that third financial quarter revenue was 6.2% ahead of second quarter revenue of GBP1.08 billion, representing continued growth.
The company said this reflected ongoing growth in key accounts and projects upsell as well as contract re-pricing and infill mergers & acquisitions.
Meanwhile, Mitie said its current GBP50 million share buyback was nearing completion, as it announced the intention to use about GBP8 million of exercise receipts for further share buybacks within the current programme.
The company expects to deliver operating profit before other items of at least GBP190 million in the current financial year 2024 to March 31, up 17% from GBP162 million in financial 2023.
Mitie shares rose 2.3% to 102.20 pence each on Thursday morning in London.
By Tom Budszus, Alliance News slot editor
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