Mitie Group biggest riser after reporting annual results

Shares in Mitie Group (LON:MTO) rose over 4 percent in morning trading on Thursday, after reporting a rise in operating profit and sales growth for the year to March.

The outsourcing group was one of the biggest risers on the London Stock Exchange, after reporting sales growth of 2.8 percent, at £2.2 billion, and a reported operating profit of £89.6 million.

Group adjusted operating profit fell, however, by 6 percent to £77.1 million in line with guidance. The group ploughed money back into the business to improve both customer service and internal capabilities over the year, but the Board continued to recommend a final dividend of 2.67 pence, making the total full-year dividend 4p per share.

Mitie CEO Phil Bentley said: “We are one year into our transformation programme and we are where we need to be.

“Our core business has demonstrated its strength and resilience and is performing well, our commitment to strong financial management remains unwavering and our focus on costs, customers, technology and our people is delivering tangible benefits.

“With an uptick in revenue, a normalising balance sheet, a good order book, a focused execution plan, significant investment in technology and a settled management team, I believe Mitie is well positioned for growth.”

Shares in Mitie are currently trading up 3.78 percent at 203.10 (1238GMT).