These are top 10 stocks traded on the Robinhood UK platform in July
LONDON - Mitie Group (LON:MTO) plc, a prominent UK facilities management company, has announced the completion of its £100 million share buyback program. The program, which was initially set at £50 million, was expanded to £100 million on July 24, 2024, and has now successfully concluded.
Throughout the share buyback, Mitie repurchased 89 million ordinary shares at an average cost of 112 pence each. Of these, 79 million shares, or about 6% of the company’s issued share capital, were cancelled. The remaining 10 million shares were allocated to fulfill the 2021 Save As You Earn (SAYE) scheme, with the company receiving approximately £4 million from exercised awards to date.
Over the past three years, Mitie has acquired 216 million shares through buyback programs at a net cost of £200 million, with an average purchase price of roughly 93 pence per share. A total of 174 million shares, representing around 12% of the issued share capital, have been cancelled as a result of these programs.
The company has indicated that it will provide details on a new share buyback program for the fiscal year 2026 during its FY25 Trading Update, scheduled for April 16, 2025.
Mitie, established in 1987, is recognized for its technology-led approach to facilities management and has a workforce of 72,000. The company serves about 3,000 clients across various sectors, including government, defense, financial services, healthcare, and education. Mitie has been lauded for its environmental, social, and governance (ESG) efforts, aiming for Net Zero emissions by the end of 2025.
This news comes directly from a press release statement and reflects Mitie’s ongoing strategy to manage its capital and return value to its shareholders. The company’s commitment to its proactive capital deployment policy is expected to continue with the announcement of its future plans in the upcoming trading update.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.