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Mitie profits down, but transformation programme ‘progressing well’

Operating profit for Mitie last year was down 6.0 per cent at £77.1 million according to full-year results for the year end 31 March 2018. This is in line with guidance as it reflects investments made over the past year in customer service and internal capabilities. The FM giant’s adjusted revenue growth was up 2.8 per cent at £2.2 billion from the same period last year and its net debt was £193.5 million.

According to the results the transformation programme which cost £35 million for the financial year 17/18, is on track and progressing well and its Connected Workspace deployment is increasingly impacting bid-wins. Notable contract wins included a Detention & Escorting contract for the Home Office (worth £525 million over 10 years), a large integrated FM technology-led contract with the Co-op and a five-year contract with West Hertfordshire Hospitals NHS Trust worth £55 million.

“We are one year into our transformation programme and we are where we need to be” commented Phil Bentley, Chief Executive of Mitie.

“It has been a year of discovery, simplification and significant change, all set against a challenging market. We have made much progress, building the foundations that will ensure that Mitie is at the forefront of the UK facilities management industry.

“Our core business has demonstrated its strength and resilience and is performing well, our commitment to strong financial management remains unwavering and our focus on costs, customers, technology and our people is delivering tangible benefits.

“With an uptick in revenue, a normalising balance sheet, a good order book, a focused execution plan, significant investment in technology and a settled management team, I believe Mitie is well positioned for growth.”

 

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