This website uses cookies primarily for visitor analytics. Certain pages will ask you to fill in contact details to receive additional information. On these pages you have the option of having the site log your details for future visits. Indicating you want the site to remember your details will place a cookie on your device. To view our full cookie policy, please click here. You can also view it at any time by going to our Contact Us page.

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


Contact Details and Archive...

Print this page | E-mail this page

RELATED CONTENT...

View more articles
Article image

Cofely’s ‘inspirational’ healthcare partnership tops the FM Awards

For the third year running, Cofely has topped the bill at the PFM Awards 2015 held last night (4 November) at The Brewery in London. Their partnership with...

Mitie Group unveils annual results

Mitie, the strategic outsourcing company which delivers a range of services across the UK and Europe, this morning announced its results for the year ended...
www.fsifm.com
https://www.ironmongerydirect.co.uk/?utm_source=PFM&utm_medium=MPU%20Banner&utm_campaign=Everything%20you%20need%20banner&utm_term=Clicks&utm_content=Feb%2021


MOST VIEWED...

View more articles
Article image

Why the Law Says You Need a Nappy Bin Disposal Service

At home, parents are used to disposing of their babies’ used nappies the same way they do any other domestic waste - bagging it up and sticking it in the r...
Article image

Registration page published for PFM Partnership Awards 2020 ceremony

Those wishing to attend the online presentation ceremony for the PFM Partnership Awards 2020 at 16.00 on 17 March can now register in advance by

Takeover of G4S by US company seeming increasingly likely

American company Allied Universal Security seems to be set to take over G4S, after Canadian rival GardaWorld declined to increase its previous offer for th...

Benchmarking maintenance

BSRIA has just published this year's operation and maintenance benchmarking report as a guide for building operators to evaluate their performance against ...

Landmarc on Target

British troops are trained on ranges and facilities managed under a PPP contract that has radically changed the way they are maintained and supported. Jane...
Article image

Calls for improved training to assist drive for net zero carbon

Concern over the meeting of net zero carbon targets has been voiced by leaders within the construction sector, according to the latest report from the Inst...
https://www.uhubglobal.com
https://edition.pagesuite-professional.co.uk/html5/reader/production/default.aspx?pubname=&edid=b8a4f410-683e-4c84-b22e-4288fc573866