MITIE Group Q1 Group Revenue Climbs

MITIE Group plc. (MTO.L) reported that its first-quarter group revenue, including share of joint ventures and associates, was 930 million pounds, up 104% from last year.

Revenue excluding Interserve increased by 36% to 618 million pounds from the prior year. The increase was a result of the delivery of 110 million pounds of revenue from short-term COVID related projects supporting the UK Government, new wins, and the gradual re-opening of UK businesses, which has had a positive effect on discretionary projects and variable works.

The company noted that the re-opening of customers' premises and the gradual recovery of the economy provide a strong underlying trading momentum which gives the Board considerable confidence for the second half and delivery of its full year expectations.

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