MITIE Group PLC - Q1 19/20 trading update
LEI number: 213800MTCLTKEHWZMJ03
Q1 19/20 trading update
Trading in Q1 19/20 was in line with our expectations. Total revenue growth year-on-year was c.14% which includes the contribution from the VSG acquisition in Security and a full quarter impact from the Home Office Detention & Escorting contract in Care & Custody. Organic revenue growth, i.e. excluding the impact of the VSG acquisition, of c.5%, was broadly in line with our full-year organic growth rate last year. All divisions saw growth, with strong performances in Care & Custody and Cleaning & Environmental Services which now includes the Waste business. EBIT growth in Q1 19/20 was held back by higher than planned mobilisation costs and is in line with Q1 18/19. Our expectations for the full financial year remain unchanged.
The Group has continued its good progress in developing its public sector presence. In Q1 19/20 the Group was appointed to the Crown Commercial Services Framework for Security and won its first new high-profile contract. In addition, the Group has been awarded a place on the Prison Operator Services Framework, adding a further
In the private sector, there have been a number of notable new contract wins, including the addition of a new major retailer and a data centre for our Security business; two new Waste contracts; a Catering contract at
The positive trend seen in the average daily net debt in Q4 18/19 has continued into Q1 19/20 with average daily net debt in Q1 19/20 being c.
The Annual General Meeting of Mitie is held today at
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For further information please contact:
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Head of Investor Relations
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M: +44 (0)738 443 9112
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Head of Media Relations
T: +44 (0)203 123 8716
M: +44 (0)790 027 6400
Founded in 1987, Mitie is the
UK's leading facilities management and professional services company. It offers a range of specialist services, including Engineering Services, Security, Professional Services, Cleaning and Environmental Services, Care and Custody, and Catering.
Mitie employs 52,500 people across the country, looking after a large, diverse, blue-chip customer base, from banks and retailers, to hospitals, schools and government offices. It takes care of its customers' people and buildings, by delivering the basics brilliantly and by deploying advanced technology. It is pioneering the Connected Workspace, using smart analytics to provide valuable insight and deliver efficiencies to create outstanding work environments for customers.
Find out more at www.mitie.com.
This information is provided by RNS, the news service of the
Quick facts: MITIE Group PLC
Market Cap: £237.86 m
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