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Bright future for Mitie

26 January 2023

The FM company has delivered its Q3 trading update for the quarter ending 31 December 2022...

The results show a continued strong performance, with Q3 group revenue 3% above Q2 and 6% above Q1, thanks to increased project revenues, acquisitions, new business wins, and effective pricing of cost inflation.

The FM company has stated that its revenue of £1,005m was in line with the prior year (Q3 FY22 £1,008m), and underlying revenue was 12% higher when the £109m of revenue from short-term COVID-related contracts is excluded from Q3 FY22. The company benefits from a number of Central Government and Defence and Technical Services contracts; growth came from new contract wins, extensions, acquisitions, and effective pricing of cost inflation in Q3 FY23. New wins in the third quarter included Dublin Airport, Asda, and Essex County Council.

Additionally, the Competition and Markets Authority has announced the provisional closure of the investigation into Mitie (over suspected anti-competitive conduct relating to the procurement processes for the contracts to supply certain services at Heathrow and Derwentside Immigration Removal Centres) on the basis that there are “no grounds for action”. 

The company says it’s on track to meet FY23 guidance, with operating profit before other items expected to be at least £145m.

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