Mitie Group PLC (LSE:MTO) reported a robust performance in the first half, with revenue growing by 10.5% to £1.16 billion, up from £1.05 billion in the same period last year.
This growth was bolstered by significant contract wins and renewals, which nearly doubled year on year to £2 billion in total contract value (TCV).
Mitie secured new security services contracts for Aldi, British Airways and Dublin City University, while a three-year extension was also signed with Lloyds Banking Group.
Phil Bentley, chief executive of Mitie, said: "The good trading momentum from last year has continued into the first quarter of FY25, with double-digit revenue growth driven by our projects business, including the benefit from the previous year's acquisitions."
This momentum has come at the expense of higher net debt, which grew from £81 million to £182 million over the quarter.
“This increase in net debt reflects an expected working capital outflow, as we pay our supply chain for the increased volume of project works undertaken in the final quarter of the prior year, as well as the ongoing investment into the projects business, and some longer customer payment terms,” said Mitie.
Shares fell 1.1% in early Tuesday trades.