Mitie lifts full-year profit guidance

Outsourcer Mitie lifted its annual profit guidance again on Thursday as it highlighted higher-than-expected revenue from Covid-related contracts in the third quarter.
In an update for the three months to the end of December, the company said revenue including share of joint ventures and associates was up 51% on the same period a year ago at £1bn, and 1% ahead of the second quarter.

Revenue from Covid-related contracts was greater than expected at £109m, albeit down from £149m in the second quarter. Excluding Covid contracts, third-quarter revenue came in at £899m, up 6% on the second quarter, thanks to growth in the legacy Mitie and Interserve businesses.

The group now expects FY22 operating profit before other items to be between £160m and £165m, up from previous guidance of £145m to £155m. Revenue is now expected to be in the region of £3.8bn to £3.9bn.

Mitie added that it expects additional revenue from Covid-related contracts in the final quarter of the year.

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