Article 26 January 2023

Our FY23 Q3 Trading Update


Continued strong performance in FY23, with Q3 Group revenue  3% above Q2 and 6% above Q1, benefiting from increased project revenues, acquisitions, new business wins, and effective pricing of cost inflation.

Group revenue of £1,005m was in line with the prior year (Q3 FY22 £1,008m), and underlying revenue was 12% higher when the £109m of revenue from short-term COVID-related contracts is excluded from Q3 FY22.

New contract wins and renewals of £163m total contract value (“TCV”) added in the quarter, with the renewals rate remaining above 90%

Average daily net debt in Q3 FY23 of £103m (Q3 FY22 £0m), reflecting planned capital deployment actions.

As expected, the Competition and Markets Authority (“CMA”) announced the provisional closure of the investigation into Mitie, on the basis that there are “no grounds for action”.

On track to meet FY23 guidance, with operating profit before other items expected to be at least £145m.