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MITIE Group PLC - Trading Statement

RNS Number : 2145M
MITIE Group PLC
27 July 2017
 

27 July 2017

Mitie Group plc ("Mitie" or the "Company")

 

Trading Statement

 

Following its Annual General Meeting yesterday and the first Board Meeting chaired by new Chairman, Derek Mapp, Mitie  ̶ the UK's leading provider of facilities management, and related professional services   ̶   issues a Trading Statement for the period from 1st April 2017 to 30th June 2017.

 

The Company confirms that first quarter trading was in line with expectations and full year guidance is unchanged.

 

Unaudited Group Revenue at £535m was 5.5% higher than the first quarter of FY2017 (excluding discontinued businesses), with good momentum building in Security and Engineering Services, in particular.  Recent contract wins include a major grocery retailer, a high-street chemist and a major on-line distribution company, together with a three year extension at Heathrow Airport Group.

 

Although the Group is on-track with its 'Project Helix' transformation plan, initiatives to improve customer service and upfront overhead costs, particularly in the Connected Workspace, meant that underlying 1Q profit was slightly down year on year.

 

New contract wins and the transformation plan provide the underpinning for FY2018 guidance. Of the Company's top 20 accounts, only one contract is expected to be re-bid before 2020.

 

Phil Bentley, CEO of Mitie said: "We have made a solid start on contract wins and revenue generation in the first quarter, but there is still much to do to deliver the overhead savings we require to fund our investment-led Connected Workspace Strategy."

 

Interim results for the six months ending 30 September 2017 will be announced on 20 November 2017. 

 

 

For further information, contact:

Anna Chen, IR Manager. M: +44 (0) 781 852 7265    E: [email protected]

 

Notes for editors

 

About Mitie

Mitie is a FTSE 250 business providing a wide range of facilities management and professional services, from real estate consultancy, project management, energy consultancy, compliance, risk assessment and security systems to cleaning, catering, engineering, technical and environmental services and a range of specialist services.

We work in partnership with organisations to deliver long-term savings, managing and maintaining some of the nation's most recognised landmarks for a range of blue-chip public and private sector customers. 

We are the UK's largest Facilities Management company employing some 53,000 people across the country.

Find out more at www.mitie.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Quick facts: MITIE Group PLC

Price: 86.1

Market: LSE
Market Cap: £315.08 m
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