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MITIE Group PLC - Annual Financial Report

RNS Number : 0119J
MITIE Group PLC
23 June 2017
 

23 June 2017

Mitie Group plc

 

Mitie Group plc (the "Company") - Annual Financial Report

 

Following the release on 12 June 2017 of the Company's preliminary results for the year ended 31 March 2017 (the 'Preliminary Announcement'), the Company announces that it has published its Annual Report and Accounts for 2017 (the 'Annual Report and Accounts'). 

The Company's 2017 Annual General Meeting will be held at UBS, 5 Broadgate, London, EC2M 2QS on 26 July 2017 at 11.30am.

Copies of the Annual Report and Accounts and the Notice of the Annual General Meeting for 2017 (the 'AGM Notice') are available to view on the Company's website:
www.mitie.com.  Hard copies have been mailed to those shareholders who have elected to continue to receive paper communications. 

 

Copies of the Annual Report and Accounts, the AGM Notice and the form of proxy in relation to the AGM are being submitted to the National Storage Mechanism and will shortly be available for inspection at: www.hemscott.com/nsm.do.

 

The Preliminary Announcement included a set of financial statements and a review of the development and performance of the Company.  In compliance with Disclosure Guidance and Transparency Rule (DTR) 6.3.5 the Company has extracted and set out below certain information from its Annual Report and Accounts 2017.  This information is included herein solely for the purpose of complying with DTR 6.3.5 and the requirements it imposes on the Company as to how to make public its annual financial reports.  It should be read in conjunction with the Company's Preliminary Announcement issued on 12 June 2017.  Together these constitute the material required by DTR 6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service.  This material is not a substitute for reading the full Annual Report and Accounts.  Page numbers and cross-references in the extracted information below refer to page numbers and cross-references in the Annual Report and Accounts.

 

The information contained in this announcement and in the Preliminary Announcement does not constitute the Group's statutory accounts but is derived from those accounts.  The statutory accounts for the year ended 31 March 2017 have been approved by the Board and will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

 

Principal Risks and Uncertainties

 

Strategic risks

Risk number: 1

Poor contract negotiations, mobilisation and management leading to poor contractual terms/inappropriate risk transfer, operational and financial loss

Impact on our objectives

1 Putting customers at the heart of our business

2 Transforming our cost base

Our value proposition is to deliver support services to our customers at a lower cost and higher quality than they can provide themselves. Critical to this is our ability to bid, mobilise and deliver large‑scale, complex contracts competitively. We have to negotiate and agree contracts with our customers that balance risk and reward, with contractual requirements that are fair, having appropriate contract performance mechanisms to ensure that this is achieved. Incorrectly evaluating the risks involved and entering into contracts with onerous conditions, penalties and one-sided termination clauses would be detrimental to the Group's performance. We have to ensure that the risk profile of contracted services is capable of being properly managed by Mitie and that we have the appropriate skills and resources in the business or in our supply chain to operate contracts successfully. Failure to do so could result in contract termination, penalties and reputational damage.

Failure to properly mobilise a contract creates a high risk of not meeting the performance and financial profile expected. Having a dedicated resource to deal with the mobilisation and the transfer of people to Mitie under TUPE (Transfer of Undertakings and Protection of Employment) is necessary to mitigate that risk.

In FY17 we have conducted reviews into all of our material contracts to assess whether they are operating in accordance with the contractual conditions and are meeting financial performance expectations. The accounting methodology, judgements and assumptions made were also considered. This review has been supported by KPMG as part of their review. As a result of this review a number of adjustments and provisions have been made which are detailed on page 26. The adjustments and provisions made were based on management's best judgement at the time of the review.

We have performed a review of sales and tender approval processes, the procedures for agreeing commercial contract terms and the mobilisation and management of contracts. These will all be updated over the course of FY18 and management reporting will be enhanced to provide greater control over contract performance.

Management mechanisms

· Executive management approval of complex tenders

· Commercial review by legal team

· Delegated authority register

· Client relationship programme

· Use of specialist mobilisation teams for complex contracts

· KPI/SLA formal reviews with customers

· Risk registers in place for large-scale contracts

· Certified quality management systems to ISO 9001

Future plans

· Continue to standardise our processes across Mitie, with regard to the sales process, tender approvals and commercial and legal reviews, mobilisation and contract management as well as embedding risk management accountability and responsibility for our complex contracts.

 

Risk number: 2

Continuing uncertainty of company performance and resourcing requirements through changes (positive and negative) to economic conditions

Impact on our objectives

1 Putting customers at the heart of our business

2 Transforming our cost base

3 Developing and retaining our talent

4 Developing our technology-led professional services

The success of Mitie is dependent upon both our private and public sector clients continuing to outsource the services that we provide. This will continue as long as we are able to deliver quality services that save our customers money during all phases of the economic cycle. Company performance is impacted by changes in economic conditions largely through the volume of project works and discretionary expenditure from our customers. High levels of work improve company performance and demand for resources, with the opposite for low levels.

Our principal macro-economic exposure remains in the UK, with limited exposure to the wider global economy. We are closely monitoring the outcomes of the EU exit negotiations and any resulting policy changes to determine the impact on future contract opportunities and availability of resources. Regulatory changes such as increases to the National Living Wage and other labour costs, such as the Apprenticeship Levy, provide further challenge.

 

The UK economy is going through a period of uncertainty, with lower than average growth levels and increasing costs of materials due to the devaluation of the pound. How we recognise and respond to variations in particular sectors by designing service solutions that reduce costs for our customers may impact the Group's ability to win or retain contracts.

 

Resilience is provided by our diverse business portfolio with customers having varying demands on our resources depending on how they are impacted by the economic cycle.

 

Management mechanisms

· Maintaining mix of long-term contract portfolio in both the public and private sector

· Focus on higher margin growth areas

· Increasing spread of client base, reducing reliance on individual customers

· Customer retention programme

· Development of Connected Workspace solutions

· Employee engagement programme

· Frequent sales pipeline review

· Targeted and considered acquisition/divestment strategy

Future plans

· Our strategic review, focus on our cost base and the continuation of our strategy of diversification across cyclical markets will support Mitie's resilience to these external factors

 

Risk number: 3

Inability to maintain a competitive market offering

Impact on our objectives

 1 Putting customers at the heart of our business

 2 Transforming our cost base

 4 Developing our technology-led professional services

Our changing environment requires us to have a clear and appropriate market offering, which provides a competitive advantage and is attractive to our customers. We recognise that cost and margin pressure is an ever present factor in our industry. This creates an imperative to have a low cost base and a differentiated customer proposition.

Failure to maintain a compelling and competitive offering will lead to revenue declines and margin reductions. The strategic review has identified four key areas of focus for Mitie's customers, costs, people and technology. Putting our customers at the heart of our business, increasing the use of technology to provide insights into managing our clients' workspaces more efficiently, reducing our cost base and making Mitie the easiest company to do business with will help to ensure a competitive and attractive market proposition. Failure to achieve those two things would impact Mitie's ability to retain its clients and to secure new contracts, impacting future financial performance. Our new Connected Workspace strategy is key to improving our competitive position.

 

Management mechanisms

· Project Helix transformation programme

· Enhanced capability within Professional Services

· Development of Connected Workspace solutions

· Strategic concentration on UK

· Executive approval for investment in new sectors/ infrastructure/technologies

· Strategic account management

· Continued pursuit of innovation and best practice

Future plans

· A strategic review of technological opportunities in our markets to develop new technology-led offers for our customers

· Additional sales and marketing capability.

 

Risk number: 4

Failure in delivery of our significant change agenda

Impact on our objectives

 1 Putting customers at the heart of our business

 2 Transforming our cost base

 3 Developing and retaining our talent

 4 Developing our technology-led professional services

We recognise the challenging environment we are operating in today and are responding to this with a transformation programme (Project Helix) to ensure sustainable changes are made to support our new operating model. We are implementing a number of transformational projects, such as business operational efficiency and transformations in our Finance, IT, Procurement and HR.

The intensity and volume of the change programmes, the complex interdependencies, poor programme and solution design, poor implementation or failing to make these changes permanent and sustainable could impact on the delivery of the change agenda. Constraints on our ability to invest may impact on the resources needed to deliver the transformational programmes which could delay or prevent some of them and place our positive return on investment at risk.

Management mechanisms

· Executive sponsorship of the transformation programme

· Programme management, design and governance, supported by an experienced third party, to support and shape our transformation programme and to establish effective governance with clear roles and responsibilities across the programme. This will enable us to have effective supervision, decision making and the necessary controls and management

· Appointing both internal and external people with the right technical and change management skills to drive our transformational projects

· Communication and awareness programmes to ensure our people are engaged and ready for business change

· Focused business assurance activities to ensure we maintain adequate controls

Future plans

· Ongoing oversight for each of the transformation streams by the Executive Leadership Team

· Managing delivery of our transformation to minimise disruption to the business.

 

Operational risks

Risk number: 5

Failure of critical IT infrastructure leading to performance and back office support issues

Impact on our objectives

1 Putting customers at the heart of our business

2 Transforming our cost base

4 Developing our technology-led professional services

Our operations are increasingly dependent upon technology with a significant increase in both the quantity of data we hold and the number of pieces of critical infrastructure we look after on behalf of our customers. Failure of our IT systems would impact our ability to operate and in some cases our customers' ability to operate.

Depending on its severity an IT failure may also impact our ability to pay our people, our supply chain partners and to submit invoices to our customers. This could have a significant impact on the business.

We continue to expand on the use of technology for our customers and with this we have an increased reliance on systems and controls throughout the business.

Our clients expect greater connectivity of FM services and with that there is an increased requirement on Mitie to provide services data, with performance measurement increasingly dependent on technological solutions.

Failure to invest in the right technology could impact on our potential to provide the operational support needed to enable our contract delivery.

 

Management mechanisms

· Investment strategy and support for technology development

· Budgetary control and oversight over IT investments

· Standardisation of operational and ERP platforms and software

· Expert consultancy advice sought to support new contract and systems requirements

· Internal teams of experts trained to support new systems

Future plans

· Ongoing monitoring of investment strategy for technical solutions

· Sharing of learning across both customer facing and internal technology investments

 

Risk number: 6

Cyber risk and/or customer data theft and compliance with data protection regulations

Impact on our objectives

1 Putting customers at the heart of our business

4 Developing our technology-led professional services

Organisations of all types are at an increased risk of cyber‑attacks, hacking and ransomware. This has the potential to affect our ability to operate and could damage our reputation.

There is also the risk of reputational damage and financial penalties for failing to adequately protect the data we hold for our customers, end-users, suppliers and our own people. Information is an important asset for the business and needs to be protected at all times from disclosure or misuse. We handle information in many forms and have formal secure technical and procedural controls in place to mitigate risks to the information. The secure processing, maintenance and transmission of sensitive and confidential data is achieved through the integrity of our systems. Appropriately applied information security helps to ensure business continuity and minimise disruption by preventing or minimising the impact of security breaches. Failure to do this would raise questions about how we handle information with care, and reduce confidence in our abilities.

Data protection regulations are undergoing a transformation with the introduction of the General Data Protection Regulation (GDPR) and we have launched our preparation activities to be ready by the enforcement date in May 2018.

Failure to implement and maintain suitable security controls will have an adverse effect on the confidentiality, integrity and availability of both our and our customers' information.

Management mechanisms

· Centralised information security team in place

· Information Security Management System (ISMS) in place and certified to ISO/IEC27001:2013 for key information assets

· IT security controls (including resources, tools and processes) to proactively test, monitor, identify and respond to cyber threats

· Cyber essentials accreditation

· Ongoing Security Awareness For Everyone (SAFE) programme

· Cyber insurance policy

Future plans

· Reviewing and revising data protection methodologies and procedures in line with the General Data Protection Regulation

· Continuing development of technical security controls and capabilities

· Information security a consideration for all new activities and products.

 

Risk number: 7

Inability to maintain high health, safety and environmental management standards

Impact on our objectives

1 Putting customers at the heart of our business

3 Developing and retaining our talent

We undertake a broad and diverse range of services for our customers, some of which are potentially hazardous and have the potential to cause harm to our employees, our business partners or members of the public, or to damage the environment. Failure to maintain high health, safety and environmental (HS&E) standards may cause death, disability or injury or cause environmental damage. Failure could also lead to regulatory action, financial impact or damage to our reputation.

We maintain an unwavering commitment to safeguarding our people, others who potentially could be affected by our activities, and protecting the environment wherever we operate.

Management mechanisms

· Work Safe Home Safe programme

· Certified HS&E management systems to OHSAS 18001 and ISO 14001

· Operations supported by professional HS&E teams

· HS&E performance reviews at all business and Board meetings

· Best practice sharing at HS&E performance meetings

· Legal registers in place together with biannual evaluation of compliance to legal requirements

Future plans

· Enhancing Work Safe Home Safe programme

· Certification of businesses remaining outside of group umbrella certification to the QHSE (9001, 18001 and 14001) standards

· Developing clear and standardised KPIs to monitor progress and improvements

· Reviewing our operating model for the delivery of HS&E services and making changes to ensure that it is fit for purpose.

 

Risk number: 8

Termination or loss at re-bid of a major contract

Impact on our objectives

1 Putting customers at the heart of our business

2 Transforming our cost base

4 Developing our technology-led professional services

 

We have a number of large integrated contracts and major service specific contracts, and the risk of termination or loss at re-bid could affect our financial performance and impact our reputation in the market, reducing the number of reference sites. We recognise that termination or loss could be a result of external factors outside our control, such as a change in the strategic priorities of our private sector and government customers. However, we can mitigate the risks by ensuring we have the right business propositions, supported by the right people and the right technology.

Management mechanisms

· Improved CRM capabilities with active relationship management

· Strategic account management teams

· Net Promoter Score

· Professional services & Connected Workspace solutions

· Innovations and best practice

Future plans

· Developing process for exiting contracts successfully

· Launch of 'Beyond FM' putting customers at the heart of the business, with a focus on improving customer satisfaction.

 

Risk number: 9

Inability to attract or retain the right talent in the right place impacting performance capability

Impact on our objectives

1 Putting customers at the heart of our business

3 Developing and retaining our talent

Failure to retain our existing talent and attract new talent will result in the business being uncompetitive in the market and impact customer satisfaction and financial performance. We must continue to retain our most skilled people at all levels of the organisation, as well as attracting new people to join us, especially during periods of change. We recognise the need to have access to a diverse range of views and experience and to attract specific technical expertise where the market is highly competitive.

Failure to identify and recruit the right talent, and motivate our people could lead to sub-optimal decision making and poor business performance.

Failure to have the right culture in the business with weak controls, a lack of checks and balances and management processes could lead to contract management and accounting errors.

Management mechanisms

· Succession planning and talent management

· Competitive remuneration, terms and conditions

· Talent management and personal development plans related to annual appraisals

· Employee communications

· Business management system

· Mentoring programme

Future plans

· Development of a winning Mitie culture incorporating a review of corporate culture and behaviours

· Employee engagement programme

· Aligned incentives based on a balanced scorecard

· Mitie Way of performance management

· Improved on-boarding.

 

Financial risks

Risk number: 10

Poor operational cash flows and insufficient access to sources of capital leading to the inability to maintain a strong liquidity position

Impact on our objectives

1 Putting customers at the heart of our business

4 Developing our technology-led professional services

Mitie's balance sheet strength has deteriorated in FY17 and this could limit our ability to grow either organically or through acquisition.

Given that staff costs remain our most significant expenditure, the availability of funding from a variety of sources, strong cash flow and working capital management remain central to our ability to pay our people on time. We also require sufficient working capital to pay suppliers and subcontractors and to invest in our transformational programme. Funding is therefore critical to the ongoing success and continuity of our business. Failure to maintain adequate sources of finance ranging from banking facilities and private placements to supply chain finance and invoice discounting could result in insufficient funding to maintain a strong liquidity position.

 

Management mechanisms

· Committed long-term funding facilities

· Strong debt and equity relationships

· Supply chain finance and invoice discounting

· Daily monitoring of bank balances

· Regular forecasting of cash flow

· Regular financial performance and balance sheet reviews

· Monthly monitoring of working capital

· Disputes and escalation process

Future plans

· Implement appropriate incentive schemes for management to ensure a focus on cash collection

· Ensure appropriate payment terms with customers and supply chain

· Change of policy to ensure provisions are made for doubtful debts.

 

 

Risk number: 11

Failure of material counterparty (customer, banker, supplier, insurer etc.) to fulfil its obligations leading to significant
contractual or financial exposure

Impact on our objectives

1 Putting customers at the heart of our business

We are reliant on several counterparties such as insurers, banks, clients and suppliers to maintain our business activities. Our ability to trade and the operational and financial effectiveness of our business could be materially affected by a failure of one of these key counterparties. The need to maintain effective ongoing relationships with our material counterparties is therefore critical if the Group is to meet its strategic objectives.

Management mechanisms

· Annual material counterparty risk reviews and Board approval

· Maintain sufficient committed debt facilities to cope with adverse financial conditions

· Ongoing credit monitoring of material counterparties and exposures

· Active contact with external financial and commercial markets

Future plans

· Exercise continued vigilance in monitoring and managing key counterparty relationships.

 

Risk number: 12

Inability to pass on inflationary pressures on wages and input costs

Impact on our objectives

2 Transforming our cost base

3 Developing and retaining our talent

In our contracts there are two principal ways of addressing the risk of inflation. The first is to link the price of the contract to an index such as the Consumer Price Index, the second is to build an assumption about inflation into the pricing for later years of a contract. The risk to Mitie is that the assumption we make about future inflationary levels is incorrect.

Since the decision to exit the EU the fall in value of sterling against major currencies has caused commodity price increases and a subsequent increase in the prices we have to pay for many of our materials, especially food.

 

We have contractual protection from increases in costs either through regulatory change or inflationary pressure in the majority of our contracts. The ability to pass through cost increases is an important element of all contracts.

 

Management mechanisms

· Commercial review of contracts

· Protective contractual clauses

· Executive review of material tenders

· Annual increase processes

· Delegated authority register

· Customer account management programme

Future plans

· Extending customer management programmes and enhanced focus on contract terms.

 

Regulatory risks

Risk number: 13

Non-compliance with legal and regulatory requirements (e.g. employment, governance, anti- bribery, modern slavery etc.)

Impact on our objectives

1 Putting customers at the heart of our business

3 Developing and retaining our talent

Failure to adhere to legal and regulatory requirements could lead to fines, prosecutions, loss of our reputation and impact our ability to attract and retain our people.

As a major employer, we have to comply with the complex and developing legal and regulatory frameworks in areas such as taxation, the National Minimum Wage and National Living Wage, the Apprenticeship Levy and the Modern Slavery Act. It is essential that we can demonstrate compliance to avoid the material financial and reputational impacts associated with non-compliance.

 

Management mechanisms

· Management oversight for legal compliance at audit and risk committee meetings

· Group departments (Tax, Company Secretariat, Finance, QHSE, Legal, HR, Pension) keep fully up to date with regulations

· Specialist advice sought from external experts

· Compliance systems and statements of compliance

· Training provided and guidance for ongoing and new legislation

· Compliance monitoring by Finance, Tax, Enterprise Risk and Payroll functions

· Tax reporting framework in place to meet Senior Accounting Officer requirement

· Code of conduct

· Certified business management systems (BMS) to ISO 9001, ISO 14001, OHSAS 18001 and ISO/IEC 27001 (as per statement of applicability)

· QHSE legal register

Future plans

· Reviews to assess the impact of the existing and changing wage framework

· Further action plans for compliance with the Modern Slavery Act in the supply chain.

 

 

Directors' Responsibility Statement

The following statement is extracted from page 93 of the Annual Report and Accounts and is repeated here for the purposes of Disclosure and Transparency Rule 6.3.5 to comply with Disclosure and Transparency Rule 6.3.  This statement relates solely to the Annual Report and Accounts and is not connected to the extracted information set out in this announcement or the Preliminary Announcement:

 

The Directors are responsible for preparing the Annual Report, the Directors' remuneration report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the Directors to prepare such financial statements for each financial year. Under that law the Directors are required to prepare the Group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and Article 4 of the IAS Regulation and have also chosen to prepare the Parent Company financial statements in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 

In preparing the Parent Company financial statements, the Directors are required to:

 

· select suitable accounting policies and then apply them consistently;

· make judgements and accounting estimates that are reasonable and prudent;

· state whether Financial Reporting Standard 101 'Reduced Disclosure Framework' has been followed, subject to any material departures disclosed and explained in the financial statements; and

· prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

 

In preparing the Group financial statements, International Accounting Standard 1 'Presentation of Financial Statements' that  Directors requires:

 

· properly select and apply accounting policies;

· present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

· provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

· make an assessment of the Group's ability to continue as a going concern.The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities, and for the preparation of a Directors' remuneration report which complies with the relevant requirements of the Companies Act 2006, the UKLA's Listing Rules and the UKLA's Disclosure Guidance and Transparency Rules.

 

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

 

Directors' responsibility statement

To the best of each Director's knowledge:

· the financial statements, prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole;

· the strategic report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and

· the Annual Report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's position, performance, business model and strategy.

 

Related party transactions

The following extract from the Annual Report and Accounts refers to related party transactions as set out in Note 39:

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this Note.

During the year, the Group derived £0.2m (2016: £0.8m) of revenue from contracts with joint ventures and associated undertakings. At 31 March 2017 trade and other receivables of £nil (2016: £nil) were outstanding and loans to joint ventures and associates of £nil (2016: £nil) were included in financing assets.

 

Mitie Group plc has a related party relationship with the Mitie Foundation, a charitable company, as R McGregor-Smith and S C Baxter were Directors of the Company and were also two of the Trustees of the Foundation during the year. R McGregor-Smith resigned as a Director and Trustee of the Mitie Foundation on 12 December 2016 and S C Baxter resigned as a Director and Trustee of the Mitie Foundation on 16 March 2017. During the year, the Group made donations of £9,400 (2016: £79,000) and gifts in kind of £282,000 (2016: £267,000) to the Foundation. At the end of the year £nil (2016: £nil) was due to the Foundation and the Foundation had £nil (2016: £nil) held within creditors as an amount owed to Mitie Group plc.

 

No material contract or arrangement has been entered into during the year, nor existed at the end of the year, in which a Director had a material interest.

 

The Group's key management personnel are the Executive Directors and Non-Executive Directors whose remuneration is disclosed in the audited section of the Directors' remuneration report. The share-based payment charge for key management personnel was £1.3m (2016: £0.7m).

 

Details of transactions with Mitie Group plc Pension Scheme, and other smaller pension schemes, are given in Note 38.

 

 

-Ends-
 

 

 

For further information, contact:

John Telling

Group Corporate Affairs Director, Mitie Group plc

T: +44 (0) 203 123 8673                M: +44 (0) 7979 701 006                   E: [email protected]

 

Anna Chen

Investor Relations Manager, Mitie Group plc

T: +44 (0) 203 123 8675                   M: +44 (0)781 852 7265                E: [email protected]

 

 

Notes for editors

 

 

About Mitie Group

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 60,000 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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