Mitie has forecast a better-than-expected financial year as clients start to resume spending as lockdown restrictions ease.
The
“As businesses slowly start to reopen and our customers’ employees return to offices, we are starting to see some green shoots of recovery in the variable project and discretionar spend works,” chief executive
Its work on testing sites has helped to weather the crisis, as well as reaping the benefits from its acquisition of
Mitie completed the acquisition of the services arm of
As a result of the merger, Mitie is now the country’s largest facilities management operation, with headcount around 80,000.
Mitie this morning reported group revenue of £2.5bn, up from £2.2bn the previous year. But its operating profit plunged from £86.1m to £63.4m as clients cut costs and Mitie lost a high-margin government contract last year. Its share price jumped 3.7 per cent in early trading.
“Although COVID has challenged us all, our business has been far more resilient than we originally expected, with revenue, excluding the contribution from
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