Mitie Group (MTO) Trading Update summary

Trading performance and revenue

• H1 FY25 revenue expected to rise by approximately 13% to £2.4bn, with around 7% organic growth from new contracts, pricing, and projects.

• Q2 year-on-year revenue growth of about 16% surpasses Q1's 10.5%, aided by surge response security services.

• Projects growth driven by decarbonisation, grid connections, built environment modernisation, and regulatory changes.

Contract wins and renewals

• Achieved record contract wins and renewals, with total contract value up 45% to £3.5bn.

• Notable wins include security and cleaning for Community Health Partnerships, building maintenance for Coventry and Rugby Hospital, and a £400m prison contract.

• Secured a three-year extension with Lloyds Banking Group and renewals with Amazon, Bank of Ireland, and Fedex.

Strategic investments and acquisitions

• Acquired ESM Power for £5.5m to enhance high voltage power connections expertise.

• Post-period, acquired Spanish security business Grupo Visegurity for €9m, supporting expansion in Spain.

• Investments focus on technology, sales, marketing, and project capabilities to drive growth.