By Adria Calatayud
Mitie Group said Thursday that it has extended a facilities-management contract with Lloyds Banking Group which is expected to generate 170 million pounds ($209.8 million) a year through to 2024.
The U.K. outsourcing company said the extension of this contract with its largest customer had been factored into guidance on revenue growth and operating profit provided in its latest results.
The extension covers 30 service lines which will continue to be delivered across Lloyds's nationwide branch network and office estate, Mitie said. Payments received by Mitie will be determined by the outcomes delivered, rather than by the traditional input-based service model, the company said.
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