Facilities management firm Mitie Group has said it expects revenue growth for this year, and has announced a share buyback programme.

The London-headquartered business, which has operations in North Somerset and Dublin said shares were up 13% at 91.90p on Tuesday (April 18). In an update for the year to March 31 2023, the listed outfit confirmed that the "encouraging performance" it had enjoyed during the period had continued over the balance of the 12 months.

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Fourth quarter revenue grew by 10%, excluding Covid-related contact revenue in Q4 of 2022. As such, it expects FY23 revenue to be "slightly ahead of the prior year" 鈥 which stood at around 拢3.9bn 鈥 having successfully replaced all revenue from short-term Covid-related contracts.

Looking ahead, Mitie said it is entering the new financial year with a "strong order book and a healthy pipeline." It added that "momentum form margin improvement initiatives will continue into financial 2024."

Additionally the company has also launched a 拢50m share buyback programme, with the first 拢25m being launched today (April 18).

In November, Mitie reported revenue of 拢1.92bn for the six months ended on September 31 from 拢1.91bn However, profit fell to 拢43.1m from 拢49.2m year-on-year.

Last year Mitie secured a 拢3m baggage screening contract renewal with Bristol Airport. The company said it was working with the transport hub to develop 鈥渁 new industry leading method鈥 of baggage screening, as part of efforts to find opportunities for innovation and efficiency.

Mitie employs around 75,000 staff and has customers within financial services, manufacturing, transport, retail, telecoms and increasingly in the public sector.

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