SHARES flew as much as eight per cent this afternoon for the Mitie Group after a positive trading update and reinstated dividend.
Full year revenue climbed 58 per cent to £3.99bn, with operating profit leaping from £4m to £72m.
The outsourcing giant has benefited from significant contract wins, including Netflix and Primark.
Mitie chief Phil Bentley said inflation was being “well managed” by the FTSE 250 firm.
The Board recommended to reinstate the final dividend of 1.4p and Mitie will now commence an initial £50m share buyback programme.
Looking forward, the firm expects to deliver “mid to high single digit revenue growth, together with good operating margin progress”.
Earlier this year, Mitie snapped up a telecoms tower design house P2ML for £2.1m. The company provides construction and maintenance services for cellular telecoms infrastructure