The facilities management provider Mitie Group topped the FTSE-350 this morning after the company served up a bullish full year trading update. Revenues were at an all time high, set to be at least 11% up on the previous year’s figure, a number which is even more impressive given the tough comparatives. A number of new contract wins were landed in the final quarter and the note also highlights a healthy order book along with a £19bn pipeline of business. Shares were 8% higher an hour into the day’s trade.
The recruitment market evidently remains a challenging place and this was reflected in numbers published in a PageGroup trading update this morning. Covering the first quarter, gross profits were down 12.8% against the comparative, with the sluggish end to FY23 failing to see any meaningful respite. Whilst the note highlighted how overall levels of activity remained strong, caution on both sides was delaying candidates being signed for new roles. The company has also committed to maintaining fee earning headcount for now so it’s best positioned to take advantage of the recovery when it arrives. Shares were around 5% lower in early trade.
There’s another drilling update out from 88 Energy this morning and despite the theme here being positive with more light oil flows having been observed at the Hickory-1 site, investor support has been in short supply with the stock sliding once again in early Monday trade. However next stage flow testing is highlighted as being a longer than anticipated operation and as such will come with an estimated $14.5m price tag. Shares were down 17% at the time of writing as the market digested this news.
Headlines we expect on Tuesday
Ashtead Technology Final Results
This time last year Revenue £73.1m, Adjusted EBITDA £20.1m, Adjusted EBITDA margin 28%
Equals Group Final Results
This time last year Revenue £69.7m, Adjusted EBITDA £12.1m, Year end cash £15m
