Mark Crouch, market analyst at eToro, says Mitie's (LSE:MTO) full-year results, which delivered double-digit growth in revenue, operating profit and free cash flow, should give investors plenty to cheer about.
Mitie, the British facilities services provider, this morning gave investors the positive read out with a record £16.3 billion order book and a £31.7 billion bidding pipeline plus, as Crouch highlighted, it also guided that its acquisition of Marlowe was beginning to bear fruit.
Synergies of the deal are being felt in facilities compliance and cross-selling, which eToro's Mark Crouch reckons will be the drivers that create a long runway for future earnings.
Crouch, in a note on Thursday, highlighted Mitie's growing profits, strong cash generation, a rising dividend and a further £100 million share buyback as concrete signals of management's confidence and execution.
"The market often rewards visibility and execution, and Mitie currently appears to have both in abundance."
