MITIE Group PLC - Trading update
Fiscal Year 2017 Update following Accounting Review
The outcome of the Accounting Review was presented to the Audit Committee and Board on 2nd May. All numbers in this statement remain subject to audit.
Trading performance, before the impact of the Accounting Review, is largely in line with previous expectations and referenced in our January trading update. Revenues remained flat in FY'17 compared to FY'16, reflecting what has been a challenging environment.
As announced in January, the Company has reviewed all major balance sheet items to provide confidence that all relevant accounting standards are appropriately reflected in its financial reporting. This work was complemented by
In response to these findings, and in addition to the
Of this total, only
In addition, the review has identified a number of material errors which may necessitate restating our FY'16 accounts. This would likely result in an increase in FY'17 reported results of between
The costs of change have increased by
Cash and covenants
Our year-end net debt position at 31st
Extraordinary General Meeting ("EGM")
As a result of the one-off asset write downs and adjustments to reserves in FY'17, the Board is proposing a technical adjustment to the Company's articles of association, raising borrowing limits from 2x reserves to a fixed amount of
The Board approved Mitie's FY'18 Annual Operating Plan on 14th
"FY'17 has undoubtedly been a challenging year but Mitie remains a strong and successful business, and is continuing to deliver for our customers.
Whilst these accounting adjustments in FY'17 affect our reported profits, they do not affect the underlying strength of our business.
Since my appointment as CEO in December, we have worked hard to build a new "Connected Workspace" strategy, with clear deliverables and measurements for Customers, Costs, People and Technology. Mitie has a well-diversified portfolio of high quality customers and an outstanding range of capabilities. We have appointed a new Executive Leadership Team - with a new way of working - and we are confident the business will generate significant shareholder returns over the forthcoming years."
Full year results for the twelve months ending 31st
This announcement includes inside information.
For further information, contact:
Group Corporate Affairs Director,
T: +44 (0) 203 123 8673 M: +44 (0) 7979 701 006 E: [email protected]
Investor Relations Manager,
T: +44 (0)203 123 8675 M: +44 (0)7818 527 265 E: [email protected]
Mitie is a
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
Find out more at www.mitie.com
This information is provided by RNS
Quick facts: MITIE Group PLC
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