Proactive Investors - FTSE 250-listed outsourcer Mitie Group PLC (LON:MTO) has launched a £50 million share buyback programme after posting record annual revenues of £4.5 billion.
Operating profit for the year tallied around £200 million, representing a 4.5% margin.
Net debt, however, nearly doubled as the group dedicated £65 million to seven bolt-on acquisitions in the period.
Mitie strengthened its position in the fire and security market through the acquisitions of RHI Industrials and GBE Converge and enhanced its mechanical and electric presence through the acquisition of JCA Engineering.
The group has commenced the buyback immediately, with portion of the repurchased shares going to an employee sharesave scheme.
Mitie shares rocketed 7.5% higher to 120p in early Monday trades.