StockMarketWire.com - Mitie Group has reported a modest rise in revenue for the 12 months to the 31 March, 2021, rising to £2,560 million, in what the company has described as a 'defining year of strategic progress'.

For the same period in 2020, the company's revenue was £2,174 million.

Operating profit was down for the period at £63.4 million compared with £86.1 million a year prior due to revenue mix and reduced project work because of the Covid-19 pandemic.

During the year, Mitie acquired Interserve Facilities Management which it said has performed better than expected and accelerated value creation. In full year 2021, it achieved £6.2 million in cost and revenue synergies.

Mitie has also reported a strengthened balance sheer, with a £190 million rights issue, £250 million RCF refinanced and a BBB investment grade credit rating.

Daily net debt has significantly reduced to £47.1 million from £327.6 million a year earlier, post-IFRS 16

Phil Bentley, group chief executive, said: 'FY21 was a defining year for Mitie and completes our four year transformation. The Group showed great resilience during the COVID pandemic; we strengthened our balance sheet; and the Interserve acquisition is performing well.

'Although COVID has challenged us all, our business has been far more resilient than we originally expected, with revenue, excluding the contribution from Interserve, just 1.6% lower than the prior year. The second half of the year was significantly better than the first half, with 6.5% year on year growth, as variable projects and discretionary spend works picked up and cleaning and security demand increased.'


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