LONDON (dpa-AFX) - Mitie Group plc (MTO.L) issued a trading update for the year ended 31 March 2024. The Group said all medium-term targets met or significantly exceeded in fiscal 2024, the final year of its three-year plan. Revenue has exceeded 1 billion pounds in each quarter of fiscal 2024, and has grown sequentially quarter-on-quarter.
For fiscal 2024, Mitie Group now expects operating profit before other items to be at least 200 million pounds, which represents an increase of at least 23% on the prior year. Basic EPS before other items is expected to grow broadly in line with operating profit. Mitie Group expects fiscal 2024 revenue to grow by approximately 11% to at least 4.50 billion pounds.
Fourth quarter revenue was 1.24 billion pounds, up approximately 10% from a year ago.
Phil Bentley, CEO, said: 'We are pleased with the performance of the business in fiscal 2024, having delivered record revenue and operating profit, and an operating margin of 4.5%.'
The Group stated that it is continuing to buy back shares through a further 50 million pounds programme which commences Monday.
Mitie's full year results for the year ended 31 March 2024 will be released on 6 June 2024.
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