Mitie Group plc, the UKs leading Facilities Transformation company, has released its Q1 FY25 trading update, highlighting a 10.5% revenue growth to £1,164 million compared to the same quarter last year. This growth was driven by prior-year acquisitions, increased projects, variable work, and pricing. The company also secured significant contract wins and renewals worth up to £2.0 billion in Total Contract Value, including a three-year extension with one of its largest customers. Mities new three-year plan focuses on margin enhancement initiatives, with an expected £20 million in cost savings for FY25. The companys share buyback programme has commenced, purchasing 21 million shares to date. Net debt increased to £182 million, reflecting seasonal working capital outflows and investments. The company expects to deliver high-single-digit revenue growth for the year.
| Financial Metric | Q1 FY25 | Q1 FY24 | % Change |
|---|---|---|---|
| Revenue | £1,164m | £1,053m | 10.5% |
| Business Services Revenue | £403m | £360m | 11.9% |
| Technical Services Revenue | £326m | £310m | 5.2% |
| Central Government & Defence Revenue | £217m | £208m | 4.3% |
| Communities Revenue | £218m | £175m | 24.2% |
| Net Debt | £182m | £81m | 124.7% |
| Average Daily Net Debt | £173m | £168m | 3.0% |