LONDON (dpa-AFX) - Mitie Group (MTO.L) issued a trading update for the three-month period ended 30 June 2024. Revenue increased 10.5% to 1.16 billion pounds. The increase included organic growth of 4.4%. The Group said the performance was driven by the contribution from prior year acquisitions, an increase in projects and variable work, and pricing, which more than offset net contract losses and the completion of certain short-term public sector contracts in the prior year.
The Group said, during the quarter, it won or extended/renewed a number of significant contracts with up to 2.0 billion pounds TCV compared to 1.1 billion pounds TCV, prior year.
Phil Bentley, CEO, said: 'We have made a good start to our new programme of margin enhancement initiatives which will raise the operating margin over the medium-term, and we remain on track to deliver our high-single digit revenue growth expectations for the year.'
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