Mitie Group To Repurchase Shares Of Up To 50 Mln Pounds

Mitie Group (MTO.L) on Thursday announced its decision to buy back shares of up to 50 million pounds for 2.5p per share over the next 12 months starting from today.

"Following the refinancing in the first half of FY22 and the cash flow generated during the year, the Group now has a balance sheet which is strong, stable and flexible, to support future growth opportunities and increase returns to shareholders," Mitie Group said.

The company had generated a record 4 billion pounds revenue and 133 million pounds of cashflow in FY2022.

Mitie plans to execute the repurchase in two tranches, with first tranche of not greater than 25 million pounds, commencing on 9 June 2022 and ending no later than 8 December 2022. The second tranche is expected to commence immediately after the completion of first.

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