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Mitie's Turnaround Powers Double-Digit Growth
4 Jun
Summary
- Mitie reported double-digit revenue and profit increases.
- CEO Phil Bentley plans to retire by the end of fiscal 2027.
- Investments in AI and new contracts drive growth.
British outsourcer Mitie has reported a robust financial year, with revenue climbing to £5.62 billion, a 10.5% increase. Adjusted operating profit saw a significant 13% rise to £264.1 million. These strong results are attributed to new contract wins and the successful integration of compliance specialist Marlowe.
CEO Phil Bentley expressed confidence in Mitie's strategic direction, highlighting investments in agentic AI and the company's resilience against rising costs. He affirmed that the current turnaround plan, launched in October 2023, is setting the stage for continued growth in the fiscal year following his planned retirement by March 2027. Mitie's shares have seen substantial gains since the turnaround's inception.
