Mitie lifts full-year profit guidance
Mitie Group
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16:40 19/04/24
Outsourcer Mitie lifted its annual profit guidance again on Thursday as it highlighted higher-than-expected revenue from Covid-related contracts in the third quarter.
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In an update for the three months to the end of December, the company said revenue including share of joint ventures and associates was up 51% on the same period a year ago at £1bn, and 1% ahead of the second quarter.
Revenue from Covid-related contracts was greater than expected at £109m, albeit down from £149m in the second quarter. Excluding Covid contracts, third-quarter revenue came in at £899m, up 6% on the second quarter, thanks to growth in the legacy Mitie and Interserve businesses.
The group now expects FY22 operating profit before other items to be between £160m and £165m, up from previous guidance of £145m to £155m. Revenue is now expected to be in the region of £3.8bn to £3.9bn.
Mitie added that it expects additional revenue from Covid-related contracts in the final quarter of the year.