UK outsourcer Mitie forecast higher annual profit

(Reuters) - Mitie Group forecast higher annual profit on Wednesday, as the British outsourcing firm won and extended a number of 'significant' new contracts, while also benefiting from its cost cutting measures to improve margins.

The London-listed company said it expected operating profit before other items for the year ended March 31, 2024 to be at least 190 million pounds ($233.43 million), compared with 162 million pounds it reported for fiscal 2023.

Mitie, which provides security, cleaning and other services to public and private sectors, said it had extended and won a number of "significant" new contracts worth up to 2.2 billion pounds in value, including for new Amazon sites and the Defence Infrastructure Organisation in Germany.

($1 = 0.8139 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich)