30 January 2020
LEI number: 213800MTCLTKEHWZMJ03
Mitie Group plc
Trading update for first nine months of FY 19/20
Mitie Group plc ("Mitie" or "the Group") (LSE: MTO), today provides a trading update for the nine-month period from 1 April to 31 December 2019 ("the period").
Total revenue growth, including the acquisition of VSG was circa 6% with good growth in our Business Services and Specialist Services Divisions. Organic growth was flat overall, driven by reduced discretionary spend in our Technical Services Division and the planned rationalisation of our footprint in Continental Europe.
By sector, there have been a number of new contract wins with private sector clients, notably the £150m integrated facilities management contract with GlaxoSmithKline (GSK Manufacturing Supply Chains). However, public sector activity has been comparatively softer.
Therefore, overall, organic growth is expected to be flat for the full year.
Our cost efficiency programme has good momentum and we expect both our FY 19/20 and FY 20/21 earnings to be in line with previous guidance.
The balance sheet continues to improve, with average daily net debt in Q3 falling by £69m on a pre-IFRS16 basis and £58m on a total financial obligations (TFO) basis versus the same period last year. This was principally driven by the receipt of proceeds from the disposal of the Catering business.
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For further information please contact:
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Head of Investor Relations
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M: +44 (0)738 443 9112
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Head of Media Relations
T: +44 (0)203 123 8716
M: +44 (0)790 027 6400
Founded in 1987, Mitie is the UK's leading facilities management and professional services company. It offers a range of services including Technical Services (Engineering Services, Energy, Water and Real Estate Services), Business Services (Security, Cleaning and Office Services) and Specialist Services (Care & Custody, Landscapes and Waste Management).
Mitie employs 48,900 people across the country, looking after a large, diverse, blue-chip customer base, from banks and retailers, to hospitals, schools and critical government strategic assets. It takes care of its customers' people and buildings, by delivering the basics brilliantly and by deploying advanced technology. It is pioneering the Connected Workspace, using smart analytics to provide valuable insight and deliver efficiencies to create outstanding work environments for customers.
Find out more at www.mitie.com.
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