Mitie Group PLC on Wednesday announced it will double its share buyback programme to £100 million from £50 million.
Mitie is a Glasgow, Scotland-based facilities transformation company. Its core services include engineering, security, and cleaning & hygiene.
Mitie said it has so far repurchased £25 million worth of shares at an average price of 119 pence per share as part of the programme that began in April this year.
Mitie shares were up 1.0% to 120.80 pence per share in London on Wednesday morning.
The decision to increase its share buyback followed a ‘strong financial performance’ in the first quarter of the year and a review of the expected timing of M&A opportunities pipeline.
Mitie on Tuesday had reported that revenue in the three months that ended June 30, its financial first quarter, increased by 11% to £1.16 billion from £1.05 billion a year before. It attributed this to recent acquisitions, an increase in projects, and variable work and pricing.
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