Mitie Shares Soared After It Said Profits Were Higher Than Expected And It Launched A Share Buyback Programme

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Mitie shares soared after it said profits were higher than expected and it launched a share buyback programme.
In an unscheduled update, the FTSE 250 cleaning service rates per hour (www.anibookmark.com) services group said it has shifted its business away from short-term Covid-related contracts.
The outsourcing company said revenue for the year to March 31 was ‘slightly above' the previous 12 months when it made £4billion.
As a result, Mitie said annual profits were around £10million higher than expected, at £155million or more.
Shares surged 13.5 per cent, or 11p, to 92.5p.

The group hailed a strong end to its financial year, with fourth quarter revenues up around 10pc compared to the same period 12 months ago.
Profits up: In an unscheduled update, FTSE 250 cleaning services group Mitie said it has shifted its business away from short-term Covid-related contracts
Mitie also secured a series of contract wins and renewals from the likes of the Ministry of Defence and Eurostar.
The group also launched a £50million share buyback programme yesterday. 
It will be split into two parts, with an initial £25million repurchase scheme starting immediately.

The timing of the second tranche will depend on M&A opportunities, the company added.
The FTSE 100 rose 0.4 per cent, or 29.93 points, to 7909.44 and the FTSE 250 edged up 0.05 per cent, or 9.42 points, to 19296.32.
There were fresh signs of China's recovery from Covid after its economy grew by 4.5 per cent in the first quarter.

Mining stocks were lifted by higher metal prices.
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