OUTSOURCING company Mitie Group has projected a record revenue of £4.5bn for its 2024 financial year, an 11 per cent increase from the previous year.

The company announced the target in a full-year trading update. It also said it expects to report an operating profit of £200m, up 23 per cent. The company said it's aiming to report an operating profit margin of 4.5 per cent for the full year.

The group completed seven strategic acquisitions for a combined consideration of £65m in the year.

Based on the trading update, it looks as if the firm is set to outperform even the most optimistic expectations for 2024. Peel Hunt analyst Christopher Bamberry had noted the company's strong performance in the first few months of its fiscal year and had projected a profit for the year of £190m.

Mitie also announced a £50m share buyback programme, starting immediately.

Phil Bentley, Mitie's chief executive, said: "Free cash flow generation has been strong, supporting our ongoing commitment to the return of surplus funds to shareholders via share buybacks."

Shares closed up 6.63 per cent.

(c) 2024 City A.M., source Newspaper