Mitie sees annual profit up at least 23%, starts £50m buyback

(Sharecast News) - Cleaning-to-security services group Mitie said it expected to post annual profit rise of at least 23% and launched an extra £50m share buyback on the back of record revenues. The profit estimate of at least £200m compares with £162m a year earlier. Revenue was expected to jump 11% to £4.5bn.

"We have continued to see sustained demand from our clients for transformational projects across their estates, driven by macro trends including decarbonisation, the modernisation of the built environment, and changes in the regulatory landscape," the company said in a trading update.

Reporting by Frank Prenesti for Sharecast.com