No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Outsourcing group Mitie said on Thursday that it had delivered record quarterly revenues in the three months ended 31 December, reflecting "strong organic growth" throughout the period.
Mitie said Q3 revenues were 15% year-on-year at 1.31bn on the back of strong operational delivery and continued execution of its strategic initiatives.
The FTSE 250-listed group also said the year-to-date total contract value of wins/renewals/extensions was up 37% to 4.8bn, while closing net debt ballooned from 81.0m at the end of March to 246.0m as of 31 December.
Mitie added that it was on track to deliver FY operating profit before other items of roughly 225.0m and free cash flow of at least 100.0m, up from 210.0m and 158.0m, respectively.
Chief executive Phil Bentley said: "Revenue growth in Q3 was slightly ahead of the half year outturn, and included the benefits from transformational projects work, scope increases and record new contract wins in earlier periods. Our contract wins and extensions/renewals are a leading indicator of future growth, and our strong performance once again in Q3 is therefore encouraging."
As of 0845 GMT, Mitie shares were up 0.70% at 114.80p.
Reporting by Iain Gilbert at Sharecast.com
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.