- Mitie reported that sales rose 11% to £4.5 billion in the year ending March
- The company launched ‘Project Pegasus’ in collaboration with the Ministry of the Interior
Mitie Group has achieved another year of record turnover thanks to new contracts and the outsourcer’s efforts to tackle retail crime.
The FTSE 250 group saw revenues rise 11 percent year-on-year to £4.5 billion in the 12 months ended March, breaking last year’s record of £4.05 billion.
Organic revenue grew 7.1 percent thanks to repricing of engineering and maintenance services contracts and deals from companies such as Amazon, BAE Systems and Lloyds Banking Group.
Results: Mitie reported that sales rose to £4.5 billion in the 12 months ending March
Mitie, whose headquarters are in London’s Shard skyscraper, earned £6.2 billion from contracts or renewals in the period, up from £4.3 billion the year before.
It has recently secured work from public sector organizations such as the Ministry of Transport, the Defense Infrastructure Organization and Spanish airport operator Aena.
The London-listed company also launched ‘Project Pegasus’ in partnership with the Home Office and multiple UK retailers to tackle shoplifting, which has risen to its highest levels across England and Wales since records began.
As part of this initiative, Mitie is providing officers to a number of high-risk stores and running Security Operation Centers (SOCs), which store staff can contact if they suspect a robbery is taking place.
The company said it was using “cutting-edge technologies” as part of the projects, such as biometrics, AI video analytics and cloud-based systems.
Mitie’s turnover was further boosted by acquisitions, of which JCA Engineering and fire and security technology supplier GBE Converge Group were the largest two.
Healthy sales growth, combined with rising margins, saw Mitie’s operating profit rise by 30 percent to £166 million.
Phil Bentley, CEO of Mitie, commented: ‘We are pleased with our strong performance in FY24, with record sales, operating margin expansion and good returns on invested capital.’
“Mitie is a cash-generating company with a robust balance sheet, and we are committed to investing in accelerated growth, as well as returning excess funds to shareholders through share buybacks.”
The FTSE 250 company is carrying out another £50m buyback program and plans to pay a final dividend of 3p per share, meaning the dividend has risen by 38 per cent over the year.
Mitie Group shares were 0.7 per cent higher at 120.8p on Thursday morning and have risen by around 23 per cent since the start of the year.
Adam Vettese, analyst at eToro, said: ‘With contract values next year more than £2bn higher than last year, investors could see room to continue the strong performance.’
