Mitie Group Plc Q3 Revenue Up 11% Excl. Items; Raises FY22 Guidance

Mitie Group plc (MTO.L) reported that its third quarter revenue including share of joint ventures and associates was 1.01 billion pounds, up 51% from the same period last year. Excluding COVID-related contracts, third quarter revenue was 899 million pounds. Excluding Interserve revenue, revenue was 20% ahead of prior year. Revenue rose 11% excluding both Interserve and COVID-related contract revenues.

For the nine months to 31 December 2021, revenue was 2.92 billion pounds, an increase of 81% from last year.

Mitie's fiscal 2022 revenue, including share of joint ventures and associates, and operating profit before other items is expected to be higher than previously guided. Revenue is now expected to be in the region of 3.8 billion-3.9 billion pounds. Operating profit before other items is now expected of 160 million-165 million pounds, up from prior guidance range of 145 million-155 million pounds.

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