Mitie raises full year guidance as Interserve deal beds in
Outsourcer Mitie today raised its guidance for the full year due to an improved performance in the second half and its merger with Interserve.
The FTSE 250 company said that full year revenue would now come in at £2.4-£2.5bn, with profit up to £57m-£61m.
Shares in the firm rose 3.1 per cent as markets opened this morning.
The updated outlook comes despite the new lockdown restrictions, which Mitie said would result in flat growth in the fourth quarter.
The new forecast came as the outsourcer reported a 6.7 per cent rise in revenue to £573.9m over the last three months.
Mitie completed the acquisition of the services arm of Interserve for around £190m in November.
As a result of the merger, Mitie is now the country’s largest facilities management operation, with headcount around 80,000.
For the first month of ownership, the division generated revenue of £109.2m.
The firm also said it had won and renewed more than £770m worth of contracts over the last three months.
These include new deals with Manchester City Council, Magnox, and QBE Insurance, as well as renewed agreements with Primark and Toyota.