Mitie FY to beat forecasts, launches £50m share buyback

Outsourcing specialist Mitie said it expected operating profit to beat guidance after replacing all its Covid-related contract revenue, and announced a £50m share buyback.

The company, which provides services from cleaning to building security, said it expected operating profit before other items to be at least £155m against current guidance of £145m and the actual £167m made in 2022.

Group sales were expected to be slightly above the prior year's £4bn, having successfully replaced all short-term Covid-related contract revenue.

"Momentum from margin enhancement initiatives, including increased synergies from the Interserve acquisition, and efficiencies across our labour, third party and overhead cost base, is expected to continue in full-year 2024," the company said.

Reporting by Frank Prenesti for Sharecast.com