Mitie Group Plc (MTO.L) Tuesday said in its trading update for the first quarter of 2026, that its revenue rose 10 percent to 1.28 billion pounds from 1.16 billion pounds in the same period last year.
The company said that revenue benefited from an 8.0 percent organic growth from net contract wins, scope increases, project delivery, and pricing gains. Infill mergers and acquisitions also contributed an additional 2.1 percent in the revenue growth for the three months ended June 30.
The facilities management and professional services company said that the Business Services revenue rose 16.6 percent to 598 million pounds, supported by net wins, scope increases, and project work for clients such as Scottish Power and Google data centres. While the Technical Services delivered a 5.0 percent growth to 466 million pounds, the revenue from Communities revenue increased by 5.3 percent to 218 million pounds, driven by higher project volumes and lifecycle works, it added.
According to Mitie Group, contract wins and renewals amounted to 1.2 billion pounds in total contract value or TCV in the first quarter, down from the 2.0 billion pounds recorded in the year-ago quarter, which included two major public sector contracts worth around 0.5 billion pounds. The Group's bid pipeline was up 22 percent to 29.0 billion pounds from last year's 23.7 billion pounds.
On the earlier announced 350 million pounds recommended cash and share offer for Marlowe Plc, a business-critical services provider in the Testing, Inspection and Certification market, Mitie Group said that the transaction has received support from Marlowe's shareholders, who voted 98% in favour of the Court-sanctioned scheme. The acquisition is expected to be completed by early August.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.