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Mitie H1 profit falls 4.2%, expects "modest" FY top-line growth

By BFN News | 08:09 AM | Thursday 22 November, 2018


Outsourcing company Mitie Group reported a 4.2% drop in adjusted operating profit on Thursday as it said it expected to see "modest" top-line growth for the full year. Operating profit from continuing operations (before other items) stood at £38.4m for the six months to 30 September 2018, down from £40.1m a year earlier. The fall came on the back of greater administrative costs and an adverse contract mix which impacted profit margins at its cleaning and environmental services division. Looking forward, the company expected full-year performance - adjusted for recent transactions - to be in line with guidance and maintained its interim dividend at 1.33p. Despite the industry being "under much scrutiny", Mitie expected to report "modest" top-line growth this year and said they were confident they would achieve their medium-term target of margin improvement to around 4.5-5.5% in the future. At 8:09am: (LON:MTO) MITIE Group PLC share price was -2.8p at 154.1p Story provided by StockMarketWire.com

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