LONDON (dpa-AFX) - Mitie Group plc (MTO.L), on Thursday, issued trading update for the three-month period ended 31 December 2022, and reported continued strong performance in FY23, with Q3 Group revenue 3% above Q2 and 6% above Q1, benefiting from increased project revenues, acquisitions, new business wins, and effective pricing of cost inflation.
Group revenue of £1,005 million was in line with the prior year's £1,008 million, and underlying revenue was 12% higher when the £109 million of revenue from short-term COVID-related contracts is excluded from Q3 FY22.
The company expects revenue momentum to continue over the balance of the year, albeit at a slower pace as the company lap contracts won late in FY22. 'Q4 is typically our strongest quarter, as project work increases, and we complete seasonal winter work in Landscapes,' the company said.
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