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 ยฃ2.4 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 ยฃ3.5 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 ยฃ195 million, an increase of ยฃ115 million from the previous year-end due to shareholder returns, investments, and increased lease obligations.
The company doubled its share buyback program to ยฃ100 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.