Here is a summary of the trading update for Mitie Group plc for the first half of the 2024-2025 financial year (H1 FY25)
Revenue is expected to increase by approximately 13% compared to the same period last year, reaching £2.4 billion. This includes organic growth of 7% and inorganic growth of 6%.
The second quarter is expected to show stronger year-on-year revenue growth (16%) compared to the first quarter (10.5%).
Mitie has achieved record contract wins, extensions, and renewals, totaling approximately £3.5 billion in total contract value (TCV), an increase of 45% compared to H1 FY24.
The company made several acquisitions during and after the period, including ESM Power and Grupo Visegurity, to enhance its capabilities in high-voltage power connections and expand its security service capabilities in Spain.
Net debt at the end of H1 FY25 was approximately £195 million, an increase of £115 million from the previous year-end due to shareholder returns, investments, and increased lease obligations.
The company doubled its share buyback program to £100 million and purchased 45 million shares during H1.
Mitie remains confident in meeting expectations for the current year and delivering its Three-Year Plan targets.
Overall, Mitie Group plc has demonstrated strong performance and growth momentum in the first half of the financial year, with significant progress made against its strategic objectives.