- Covid contracts boost profitability
- Integration of Interserve progressing well
After a bumpy lockdown, Mitie (MTO) shareholders will be pleased to hear about a £50mn share buyback programme and the reinstatement of the final dividend.
The facilities management group has reported a surge in sales and profits for the year ended 31 March. This is partly a result of the pandemic: short-term Covid-related contracts generated £448mn of revenue in FY 2022, up from £155mn in the prior year. These contracts are particularly profitable, driving Mitie’s operating profit margin up from 2.3 per cent to 4.2 per cent.