Mitie Q3 revenues come in ahead of expectations

Facilities management firm Mitie said on Thursday that third-quarter organic revenues had come to £573.9m, 6.7% ahead of the same period last year.

However, nine-month organic revenues of £1.54bn were 4.3% cumulatively lower than the same period a year earlier, of which 4.0% was due to the loss of a Ministry Of Justice contract and the reduced scope of its NHS Properties contract from 31 March 2020.

Mitie did highlight that year-to-date new contract wins and renewals were in excess of £770.0m and said average daily net debt in the third quarter improved from £313.0m in debt to a net cash position of £31.0m.

Looking forward, Mitie noted that although its performance in the third quarter of the year was "encouraging", new national lockdown measures were likely to result in flat growth in the fourth quarter.

However, the company expects its overall second-half performance will be stronger than that seen in the first.

As of 1010 GMT, Mitie shares were down 1.76% at 41.90p.