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Mitie Group PLC (MTO.L)

MTO.L on London Stock Exchange

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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Mitie Group ‍Confirms On Withdrawn From Sale Of Property Management Business​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Dec 5 (Reuters) - MITIE GROUP PLC ::‍CONFIRMS THAT HAS WITHDRAWN FROM SALE ITS PROPERTY MANAGEMENT BUSINESS​.‍BOARD CONSIDERED ALL INDICATIVE OFFERS RECEIVED FOR PROFITABLE BUSINESS, AND CONCLUDED THAT NONE WERE AT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

CORRECTED-British outsourcer Mitie sees higher costs from turnaround programme (March 16)

March 16 British outsourcing company Mitie Group said on Friday it expected annual costs associated with its turnaround programme to be higher than its previous estimates.