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MITIE announces results for year ended 31 March 2013

21 May 2013

MITIE has announced its results for the year ended 31 March 2013. The FTSE 250 company employs in excess of 70,000 people in the UK and Europe.

Ruby McGregor-Smith CBE, CEO of MITIE Group PLC, said: “We have had another good year with success in achieving organic growth driven by new and expanded contracts, as well as completing a strategic acquisition in healthcare. Whilst the economic environment remains challenging, we have reshaped the business to focus on long-term facilities management opportunities, as well as higher margin healthcare provision and energy consulting, all of which will support our growth aspirations.

“We expect outsourcing opportunities will continue to grow, with a trend towards more clients seeking to access integrated services. We are positioned to build further on our long track record of sustainable profitable growth.”

Here is the company's take on its performance:

Strong headline financial performance

· Organic headline revenue growth of 5.0%

· We are exiting our cyclical mechanical and electrical engineering contracting businesses, which generated margins well below the group average – business closure costs of £22.1m were incurred, with no further material costs expected

· Excellent conversion of EBITDA to cash of 125.7% (headline cash conversion is 108.7%), well above stated long-term KPI of 80% (2012: 83.7%)

· Net debt at 31 March 2013 of £192.2m or 1.8x statutory EBITDA (2012: £106.9m, 0.8x EBITDA)

· Total dividend for the year up 7.3% to 10.3 pence per share (2012: 9.6 pence per share)

Integrated facilities management driving strong organic growth

· Successfully mobilised our integrated facilities management contract for Lloyds Banking Group, which, at £775m over five years, is one of the biggest private sector facilities management contracts in the UK

· Awarded significant new contracts throughout the year, including with BSkyB and Ladbrokes, as well as property management contracts for London Borough of Hammersmith & Fulham and Golding Homes

Well positioned for growth

· The acquisition of Enara for £110.8m is an ideal entry point to grow within the wider healthcare market. The integration is going well, with the business performing ahead of expectations

· Comprehensive energy proposition supports every key energy issue faced by our clients, with a focus on higher margin consultancy following the integration of our Utilyx acquisition

· Robust balance sheet and strong financial position will support growth and enable further strategic acquisitions

· Strong growth in order book – up 7.0% or £0.6bn to £9.2bn (2012: £8.6bn)

· 85% of 2013/14 budgeted revenue secured (prior year: 83%)

· Pipeline of potential bid activity remains buoyant at £8.7bn


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