Mitie Group has seen its revenue reach record levels, as it jumped by 11% to just over £4.5bn in the year to 31 March.

The company said this revenue increase can be attributed to growth in key accounts, projects upsell and mergers and acquisitions (M&A).

The energy services firm, which provides infrastructure consultancy, facilities and property management, also recorded an increase of 41% in its operating profit to £166m.

Furthermore, Mitie revealed that it had purchased around £8.3m in its latest £50m share buyback programme, which commenced in April.

Group chief executive at Mitie Group, Phil Bentley, said: "We are pleased with our strong performance in FY24, having delivered record revenue, operating margin expansion and a good return on invested capital. Mitie is a cash generative business with a robust balance sheet, and we are committed to investing in accelerated growth, as well as returning surplus funds to shareholders via share buybacks."

Across the group’s three-year plan, Mitie aims to hit high single digit revenue compound annual growth rate and an operating margin of over 5% by the 2027 financial year.

It is also looking to reach an EBITDA of over £300m by the same period, with an EPS growth above that of revenue growth, despite an increase in corporation tax rates.

Bentley added: "We have now started to execute our new facilities transformation three-year plan (FY25 - FY27), through which we expect to accelerate growth and extend Mitie's market leadership position. Our confidence in achieving this is underpinned by a record £19bn pipeline of opportunities, through which we will add further key accounts and deliver transformational projects in higher growth categories, as well as by strategic M&A, which will add to our existing projects capabilities.

"We have secured a number of new contracts and projects in the fourth quarter of FY24 and first quarter of FY25, which give us good business momentum and we expect to offset, in the medium-term, the contracts lost and ending in FY24. Margin enhancement initiatives are also expected to deliver further benefits in the current year, and we will continue to generate strong cash flows and enhanced shareholder returns.

"FY25 will be another year of delivery towards our medium-term targets and meeting our high single digit revenue growth expectations for the year."

---