Mitie Group plc, the UKs leading facilities transformation company, released its Q3 FY25 trading update, highlighting strong financial and operational progress. The company reported a record quarterly revenue of £1,317 million, a 15% increase year-over-year, driven by organic growth and strategic initiatives. Good trading momentum continued, with Q3 revenue surpassing Q2 and Q1. TCV of wins, renewals, and extensions increased by 37% to £4.8 billion.
The company generated £59 million in free cash flow for Q3 YTD, supporting capital deployments. Mitie also made progress on its £100 million share buyback program and completed two strategic infill acquisitions during the quarter. Net debt increased to £246 million, reflecting investments in dividends, buybacks, and M&A. The Group maintained its financial guidance, expecting to deliver operating profit before other items of approximately £225 million and free cash flow of at least £100 million for FY25.
Mities Q3 FY25 divisional performance showed growth across Business Services, Technical Services, and Communities, with revenue increases of 15%, 12%, and 21%, respectively. The company won, extended, or renewed significant contracts worth up to £1.1 billion TCV during the quarter. The outlook for Q4 and FY26 remains positive, with expected revenue growth moderating to low double-digits in Q4 due to strong prior-year comparatives and reduced contributions from surge response security work and M&A.
| Year | Revenue (£) | Revenue Growth (%) | Free Cash Flow (£) | Net Debt (£) | Lease Liabilities (£) |
|---|---|---|---|---|---|
| Q3 FY25 (2024) | £1,317m | 15% | £59m | £246m | £196m |
| Q3 FY24 (2023) | £1,146m | N/A | £62m | £81m | N/A |