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Mitie Reports Record Growth Amidst Acquisition Success
21 Jul
Summary
- Mitie achieved record revenue, profit, and EPS in fiscal year 2026.
- First-quarter revenue surged 10% to £1.4 billion, outperforming the market.
- The Marlowe acquisition positions Mitie as a leader in facilities compliance.
Mitie Group reported a year of exceptional performance for the fiscal year ended March 2026. The company achieved double-digit growth for another consecutive year, delivering record revenue, operating profit, and earnings per share. This success was complemented by record contract wins, a strong order book, and robust free cash flow generation.
Momentum from fiscal year 2026 has carried strongly into the first quarter of fiscal 2027. Mitie's revenue increased by 10% to £1.4 billion, significantly outpacing general market growth. Contract wins and renewals saw a substantial increase of over 30%, reaching £1.6 billion, with the company's bidding pipeline expanding to a record £32.5 billion.
The company's strategy focuses on leading in facilities management, transformation, and compliance. Services like building upgrades, energy efficiency projects, and ensuring adherence to evolving safety regulations offer higher margins. The acquisition of Marlowe for £350 million last August has been instrumental, positioning Mitie as a top provider in fire solutions and security systems.
