Mitie Group, a leading outsourcing company based in the UK, announced today that its first-quarter revenue has increased by 11%. This impressive growth can be attributed to new contract wins, successful acquisitions, and various other factors.
For the three-month period ending on June 30, the company reported revenue of £1.05 billion ($1.35 billion), marking a significant rise from the £945 million generated during the same quarter in fiscal year 2023. Mitie Group credited this increase to a higher number of projects, variable work, contract re-pricing, and the positive impact of previous acquisitions.
During this period, the company secured new contracts, renewals, and extensions, amounting to a total value of up to £1.1 billion. However, it was noted that a contract in the central government and defense sector, valued at approximately £35 million, will not be renewed and will be handed over at the end of the fourth quarter.
The board of Mitie Group expressed confidence in the company’s ability to meet its growth expectations for fiscal year 2024, considering the strong performance achieved. The ongoing implementation of margin enhancement initiatives is expected to contribute to future growth.