LONDON (dpa-AFX) - Mitie Group (MTO.L) issued a trading update for the three-month period. Third quarter revenue was up 15% year-over-year to 1.32 billion pounds. The Group said this reflected strong organic growth of 11% - inclusive of 2% contract pricing - through key account growth, scope increases and projects upsell.
Looking forward, the Group said it is on track to deliver operating profit before other items of approximately 225 million pounds, and free cash flow of at least 100 million pounds in fiscal 2025. Mitie Group expects fourth quarter revenue growth to moderate, resulting in low double-digit growth in fiscal 2025 - comfortably ahead of the wider FM market and annual high single digit revenue growth target.
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