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Mitie Group PLC (MTO.L)

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Latest Key Developments (Source: Significant Developments)

Mitie Says Expects FY Revenue Growth In Range Of 2.0-2.5 Pct
Friday, 16 Mar 2018 03:00am EDT 

March 16 (Reuters) - Mitie Group Plc ::‍ON TRACK TO EXCEED 3-YEAR COST TARGETS​.SAYS FY ‍ORDER BOOK IS SOLID AND REVENUE IS UP YEAR-ON-YEAR​.FY ‍REVENUE GROWTH IS EXPECTED TO BE IN RANGE OF 2.0-2.5% AT £2.2 BN​.‍EXPECT HELIX PROGRAMME TO CONCLUDE BY SUMMER 2020, DELIVERING C.£50M OF OVERALL RUN-RATE SAVINGS​.‍EXPECT COSTS ASSOCIATED WITH PROJECT HELIX IN FY17/18 TO BE C. £35M, COMPARED WITH OUR PREVIOUS GUIDANCE OF £24M.​.‍EXPECT AVERAGE DAILY NET DEBT TO BE DOWN £50M YEAR-ON-YEAR AND WE CONTINUE TO REDUCE OUR RELIANCE ON PERIOD-END INVOICE DISCOUNTING​.‍SEEN LIMITED IMPACT ON OUR OPERATIONAL BUSINESS AS A RESULT OF COMPETITOR OR INDUSTRY ACTIVITY​.POTENTIAL BREXIT IMPACTS ARE EXPECTED TO BE MINIMAL, THOUGH COULD BE FELT IN WAGE INFLATION AND HAVE BUDGETED FOR INCREASING REMUNERATION COSTS IN FY18/19​.‍EXPECT PERIOD END NET DEBT TO BE £50-£70M HIGHER THAN LAST YEAR​.‍EXPECT TO CONTINUE TO COMFORTABLY OPERATE WITHIN OUR BANKING COVENANTS.​.  Full Article

Mitie Awarded A 10-Year Contract With Home Office Worth An Estimated 525 Mln STG
Thursday, 14 Dec 2017 03:57am EST 

Dec 14 (Reuters) - Mitie Group Plc ::MITIE'S CARE & CUSTODY BUSINESS AWARDED A 10-YEAR CONTRACT WITH HOME OFFICE WORTH AN ESTIMATED £525MILLION, THROUGH A COMPETITIVE TENDER PROCESS.  Full Article

Mitie Group ‍Confirms On Withdrawn From Sale Of Property Management Business​
Tuesday, 5 Dec 2017 05:13am EST 

Dec 5 (Reuters) - MITIE GROUP PLC ::‍CONFIRMS THAT HAS WITHDRAWN FROM SALE ITS PROPERTY MANAGEMENT BUSINESS​.‍BOARD CONSIDERED ALL INDICATIVE OFFERS RECEIVED FOR PROFITABLE BUSINESS, AND CONCLUDED THAT NONE WERE AT SUFFICIENT LEVEL WITH WHICH TO PROCEED​.  Full Article

UK's FRC to open investigation in relation to preparation and approval of FY 2016 financial statements for Mitie Group
Monday, 20 Nov 2017 02:00am EST 

Nov 20 (Reuters) - FINANCIAL REPORTING COUNCIL::ANNOUNCEMENTS IN CONNECTION WITH MITIE GROUP PLC'S 2016 ANNUAL REPORT AND ACCOUNTS​.‍DECISION TO OPEN AN INVESTIGATION UNDER ACCOUNTANCY SCHEME IN RELATION TO PREPARATION AND APPROVAL OF FY FINANCIAL STATEMENTS FOR MITIE​.RAISED CERTAIN ISSUES WITH COMPANY FOLLOWING ITS REVIEW OF 2016 ANNUAL REPORT AND ACCOUNTS​.  Full Article

Mitie Group says HY ‍adjusted operating profit up 5.8 pct at 32.6 mln pounds
Monday, 20 Nov 2017 02:00am EST 

Nov 20 (Reuters) - MITIE GROUP PLC ::H1 REVENUE FROM CONTINUING OPERATIONS ROSE 3.9 PERCENT TO 959.7 MILLION STG.INTERIM DIVIDEND 1.33 PENCEPER SHARE​.HY ‍ADJUSTED OPERATING PROFIT UP 5.8% AT £32.6M.‍NET DEBT 3 AT 30 SEPTEMBER 2017 AT £172.6M​.AT SEPT 30, ‍ORDER BOOK AT £5.9BN (FY2017: £5.9BN) FOR CONTINUING OPERATIONS.ON ‍MITIE TRANSFORMATION PROGRAMME - 3 YEAR DELIVERY AND EXECUTION ON TRACK​.‍FRC TODAY CONFIRMS THEIR REVIEW OF MITIE'S ACCOUNTS 2015/16 HAS CONCLUDED, WITH NO FURTHER ACTION​.‍PROPERTY MANAGEMENT BUSINESS HELD FOR SALE - INDICATIVE OFFERS RECEIVED​.FY REVENUE GROWTH IS EXPECTED TO BE IN RANGE OF 3% TO 4% AND MEDIUM-TERM MARGIN EXPECTATION REMAINS UNCHANGED AT 4.5% - 5.5%​.  Full Article

British outsourcing company Mitie appoints ‍Paul Woolf as CFO​
Monday, 13 Nov 2017 05:30am EST 

Nov 13 (Reuters) - Mitie Group Plc :MITIE GROUP PLC - ‍APPOINTMENT OF A NEW GROUP CFO. ​.MITIE - ‍PAUL WOOLF, FORMER CEO OF VIRGIN ACTIVE HEALTH CLUBS, WILL JOIN MITIE TODAY AS GROUP CFO, WILL BE APPOINTED TO BOARD WITH IMMEDIATE EFFECT​.MITIE GROUP PLC - ‍SANDIP MAHAJAN CFO WILL STEP DOWN FROM BOARD AND TAKE UP A NEW ROLE AS GROUP'S CHIEF FINANCIAL TRANSFORMATION OFFICER​.  Full Article

Mitie makes two new senior appointments​
Thursday, 2 Nov 2017 05:33am EDT 

Nov 2 (Reuters) - MITIE GROUP PLC ::‍HAS MADE TWO NEW SENIOR APPOINTMENTS​.‍MATTHEW THOMPSON JOINS AS MANAGING DIRECTOR OF MITIE'S CLEANING & ENVIRONMENTAL SERVICES BUSINESS​.‍CHRIS COPELAND TAKES UP NEWLY CREATED ROLE OF CHIEF MARKETING & STRATEGY OFFICER.‍COPELAND WILL BE RESPONSIBLE FOR OVERSEEING AND DEVELOPING MITIE'S CORPORATE AND BUSINESS UNIT STRATEGY​.  Full Article

British outsourcing company Mitie wins Scottish contracts worth 50 mln stg
Wednesday, 18 Oct 2017 04:38am EDT 

Oct 18 (Reuters) - Mitie Group Plc :MITIE’S PROPERTY MANAGEMENT BUSINESS HAS BEEN AWARDED A NUMBER OF SOCIAL HOUSING CONTRACTS IN SCOTLAND‍​.‍MOST SUBSTANTIAL CONTRACT IS WITH ABERDEENSHIRE COUNCIL, AND COVERS ALL ASPECTS OF SOCIAL HOUSING REPAIRS​.‍A NORTH LANARKSHIRE COUNCIL WIN, VALUED AT £3.1M PER ANNUM, INCLUDES RENEWAL OF 420 KITCHENS AND 550 BATHROOMS​.‍RENEWAL OF A PARTNERSHIP WITH OAK TREE HOUSING ASSOCIATION WILL SEE MITIE DELIVER SECOND PHASE OF KITCHENS AND BATHROOMS TO 300 PROPERTIES​.HAS ADDED PAISLEY-BASED HOUSING ASSOCIATION, WILLIAMSBURGH, AND SANCTUARY SCOTLAND TO ITS LIST OF SOCIAL HOUSING CUSTOMERS.WILLIAMSBURGH IS A FOUR-YEAR CONTRACT WORTH £2.8M​.  Full Article

‍Standard Life Aberdeen portfolio raises stake in Mitie to 8.08 pct - filing
Wednesday, 4 Oct 2017 09:15am EDT 

Oct 4 (Reuters) - Filing::‍STANDARD LIFE ABERDEEN PLC AFFILIATED INVESTMENT MANAGEMENT​ PORTFOLIO RAISES STAKE IN MITIE TO 8.08 PERCENT FROM 6.24 PERCENT STAKE EARLIER - FILING.  Full Article

Mitie Group says restructuring activities expected to result in headcount reduction of about 480 by end of current FY
Wednesday, 20 Sep 2017 02:15am EDT 

Sept 20 (Reuters) - Mitie Group Plc :‍EXPECT TO SEE POSITIVE IMPACT OF ENDEAVOURS AS WE MOVE INTO SECOND HALF OF YEAR​.GROUP'S ORDER BOOK IS UP 3% AGAINST 31 MARCH 2017, AT £6.7BN.‍REVENUE TREND IS EXPECTED TO CONTINUE FOR FULL YEAR​.‍H1 COST-TO-SERVE AND GENERAL OVERHEAD IS RUNNING MARGINALLY AHEAD OF LAST YEAR, AND EARLIER EXPECTATIONS​.AT SEPT 30 ‍GROUP'S ORDER BOOK IS UP 3% AGAINST 31 MARCH 2017, AT £6.7BN​.‍ANTICIPATE RECEIPT OF A TERMINATION PAYMENT OF £2M​.‍ANNUALISED SAVINGS TO GROUP ARE EXPECTED TO BE IN REGION OF £850,000 PER ANNUM​.‍INITIATIVES AND ASPECTS OF TRANSFORMATION PROGRAMME EXPECTED TO RESULT IN HEADCOUNT REDUCTION OF APPROXIMATELY 480 BY END OF CURRENT FY.‍EXPECTED THAT DILUTIVE IMPACT OF SHARE ISSUE WILL BE OFF-SET BY A CLAW-BACK OF CERTAIN SHARES ISSUED PURSUANT TO BUY-OUT OF MINORITY SHAREHOLDERS.NOW COMMENCED A GROUP-WIDE IT TRANSFORMATION PROGRAMME​.PROGRAMME WILL SIMPLIFY GROUP'S IT ARCHITECTURE AND CENTRALISE MONITORING, SYSTEM CONTROLS AND MAINTENANCE, ALL WITH GREATER 3 RD PARTY AUTOMATION​.  Full Article

UPDATE 1-Britain's FCA drops inquiry into Mitie profit warning

June 27 Outsourcing firm Mitie Group Plc said on Wednesday that Britain's financial watchdog had ended an investigation into the timing of a September 2016 profit warning.