From the Blue Index blog

All-MITIE

May 18th, 2009

Further evidence emerged today of how companies are outsourcing to save money. Building services group MITIE Group (MTO) reported a 12 percent hike in annual pre-tax profits to GBP75.9m, on revenues ahead 8.2 percent to GBP1.5bn. Additionally, MITIEs forward order book increased to GBP4.9bn from GBP4.4bn last time, and the group are benefiting from a sustained level of outsourcing as contracts become larger and longer term. Looking forward, the company also said it is extremely well positioned for acquisitions and buying up companies which fit the existing business.

Analysts are very positive over the results, remarking the results are strong, with high visibility and positive outlook resulting from MITIE clients increasing outsourcing to improve efficiency and to cut costs.

If like me you have tracked the share price performance of companies providing outsourcing during the downturn, such as Compass Group (CPG) and Capita (CPI), youll find that almost without exception, these companies are very positive in outlook, with clear revenue visibilities.

Full transcript here
http://blog.blueindex.co.uk/2009/05/all-mitie/

Mitie awarded £60 million contract with Manchester Airports Group


Mitie, the facilities management (FM) company, has been awarded a new five-year FM contract with Manchester Airports Group (MAG), consolidating FM services across three airports into one integrated contract.

MAG is the UK's leading airport group, serving over 50 million passengers and handling over 670,000 tonnes of air freight every year, through its ownership and operation of Manchester, London Stansted, East Midlands and Bournemouth airports.

Mitie has been providing a range of FM services for Manchester Airport since 2008, including cleaning, waste management, gritting and snow clearance. The new contract - valued in excess of £60m over the duration - will see Mitie deliver additional pest control and landscaping services at Manchester Airport, as well as, for the first time the full range of soft services at Stansted and East Midlands Airport.

Mitie will also provide hard services including mechanical and electrical maintenance, fixed wire testing, plumbing, life safety systems, building management systems and lightning protection systems across all three airports.

Andrew Cowan, CEO of London Stansted Airport and sponsor of the contract, said: "We have been working with Mitie for over seven years and it is a great credit to their team that we are developing our long-standing relationship with this new contract.

"Mitie was awarded the work after a rigorous and technical tender process. Mitie has extensive experience in the sector, and an ability to provide national 24/7 coverage underpinned by advanced technology."

Phil Holland, Managing Director at Mitie said: "We are proud to be building upon our relationship with MAG through this new and consolidated contract.

"Our long running relationship is a testament to our market leading airport experience and we are confident that our expansive technology-led service capability will assist MAG in providing a world-class experience for its passengers and airline partners."

Another profit warning then.

well-flagged in w/e press, so quite surprising to see good recovery this morning

Latest director deals:-

22 Nov 2016 MITIE Group PLC Phil Bentley 1,852,656 194 3,600,081

Bounced from eight year low :0)

Still moving albeit on low volume so far today.

StockMarketWire.com
Mitie Group has disposed of its UK social care division, comprising the domiciliary care and homecare businesses, Enara Group Ltd and Complete Care Holdings Ltd, to Apposite Capital LLP for £2 cash.

In addition, Mitie would contribute £9.45m to the funding of trading losses and the cost of the turnaround plan. This would be paid in two tranches with the first (£5.4m) on April 1 and the second (£4.05m) on July 1.

Peel Hunt today (01/03/17) reaffirms its sell investment rating on MITIE Group PLC (LON:MTO) and raised its price target to 175p (from 166p).

Jefferies International today (07/03/17) downgrades its investment rating on MITIE Group PLC (LON:MTO) to underperform (from hold) and cut its price target to 175p (from 195p).

RNS Number : 9756D
MITIE Group PLC
03 May 2017

3rd May 2017
Mitie Group plc

Fiscal Year 2017 Update following Accounting Review

Mitie Group plc ("Mitie"), the facilities management, connected workspace and professional services business, today issues the following update for the financial year ended on 31st March 2017 (FY'17), following the policies and balance sheet review (the "Accounting Review") undertaken by the Company and KPMG.

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.

Accounting Review

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 KPMG's review, which covered certain aspects of the material balances of accrued income, mobilisation costs, percentage of completion accounting and the recoverability of trade receivables, as well as the carrying value of certain other assets.

KPMG confirmed that customer contract related methodologies and policies used by Mitie comply with all relevant accounting standards. However KPMG commented that our application of percentage of completion accounting and costs of contract mobilisation is less conservative, albeit still justifiable, than others in the market.

In response to these findings, and in addition to the £14m of one-off charges identified in the January trading update, the Board currently expects to write down its balance sheet by between £40m and £50m.

Of this total, only £6m relates to provisions which are expected to result in cash outflows in FY'18, with the majority being non-cash write-downs of trading assets, and having no impact on the future profitability of the business.

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 £10m and £20m.

The costs of change have increased by £5m to £15m since January as some further 160 roles have been removed in the first wave of a new cost reduction programme, full details of which will be shared at the time of our Preliminary Results.

Cash and covenants

Our year-end net debt position at 31st March 2017 was £146m (2016: £178m), and we currently expect to comply with the conditions of our debt covenants as measured at that point. However, as the Company expects to have only limited headroom under its covenants as at 31st March 2017, the Company intends to engage with its lenders with a view to negotiating an amendment to our banking covenants so as to permit further one-off charges and thereby remove the risk of a possible technical breach. These changes would also enable the Company to review its accounting policies in respect of percentage of completion contracts and mobilisation and take a more cautious approach in advance of adopting IFRS15 Revenue from Contracts with Customers.

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 £1.5bn. This will be put to an EGM on 12th June 2017. Formal notice of the EGM will be issued shortly.

Outlook

The Board approved Mitie's FY'18 Annual Operating Plan on 14th March 2017. This plan is in line with previous expectations.

Phil Bentley, CEO said:

"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 March 2017 and an update on our strategy will be announced on 12th June 2017. This is later than originally planned to allow sufficient time for the complex changes outlined above to be processed and for our auditors to conclude their work.

-Ends-

This announcement includes inside information.
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: john.telling@mitie.com

Anna Chen
Investor Relations Manager, Mitie Group plc
T: +44 (0)203 123 8675 M: +44 (0)7818 527 265 E: anna.chen@mitie.com

Having a fourth attempt to break 250p, preliminary statement of annual results next Monday12th June. Final Ex -Divi 22nd June. No idea what the SP is doing so high but if it can break 250p could reach 280p. Place your bets.

RNS Number : 7441H
MITIE Group PLC
12 June 2017

Mitie Group plc

Moving "Beyond FM…to the Connected Workspace", following a year of change

Preliminary results for the year ended 31 March 2017
Group Results
Continuing operations
FY17
FY16
Restated1
YoY change
Adjusted2



Revenue
£2,140.0m
£2,133.4m
0.3%
Operating profit
£82.0m
£95.2m
-13.9%
Reported



Revenue
£2,126.3m
£2,146.9m
-1.0%
Operating (loss) / profit before other items
£(6.3m)
£113.9m
-105.5%
Operating (loss) / profit
£(42.9m)
£107.6m
-139.9%
Basic (loss) / earnings per share
(14.7p)
20.1p
-173.1%
Operating cash flow
£151.1m
£114.6m
31.8%
Net debt
£147.2m
£178.3m
-17.4%
Dividend per share
4.0p
12.1p
-66.9%
Order book3
£6.5bn
£6.6bn
-1.0%
Sales pipeline4
£8.7bn
£7.9bn
10.1%

Intraday reached 288.50, see how it opens tomorrow but thinking short trade now.

That was a good call on Thursday, Chris nice one

Cheers George.

I think this is over bought now, been a good rise. Still, intra day reached 296.80, pulled back below 290p. Final Divi next Thursday what happens on Friday will be interesting to judge whether to stay long or go short hopefully, mind a weeks a long time for some traders.

On watch list, next Friday 16/03 FY 2018 pre-close announcement.

07/6 - Posting of the FY 2018 Annual Report.

Had a torrid time to put it mildly in February reached a ten year low, any hope of a recovery looks slim. Been a favourite trading stock of mine for a few years spread betting in both directions. See how it opens on Monday for a punt long on the spreads.

LATEST BROKER VIEWS
Date Broker New target Recomm.
23 Jan Peel Hunt 179.00 Reduce
19 Dec Peel Hunt 205.00 Hold
15 Dec Numis 175.00 Reduce
5 Dec Liberum Capital 270.00 Buy
24 Nov Liberum Capital 270.00 Buy
21 Nov Jefferies... 290.00 Buy
20 Nov Peel Hunt 253.00 Hold
20 Nov Liberum Capital 300.00 Buy
14 Nov Peel Hunt 253.00 Hold
10 Nov Liberum Capital 300.00 Buy

16 March 2018

Mitie Group plc

Pre-close Statement

Mitie Group plc ("Mitie" or "the Group"), the UK's leading facilities management business, today publishes its pre-close statement for the financial year ending on 31 March 2018 ("FY17/18"). Mitie will be in a close period between 1 April 2018 and the scheduled publication of its financial and operational results for FY17/18, on Thursday, 7 June 2018.

Highlights

•

Modest growth in overall sales

•

Debt levels comfortably within banking covenants

•

Operating profit in line with our expectations, slightly down on previous year due to investment in customers, IT and capability

•

Cash generation impacted by higher costs of change, reduced reliance on invoice discounting and normalisation of our balance sheet

•

Higher total cost savings expected from Transformation Programme, with associated higher cost of change

•

Technology-led Connected Workspace strategy helping to drive top-line growth

•

Improving operational delivery to clients, with better year-on-year Net Promoter Scores



Project Helix

•

On track to exceed 3-year cost targets

•

Finance transformation largely concluded, with back-office operations outsourced

•

Investments made in customer service and sales capability; commercial reorganisation complete

•

Cleaning workflow programme concluded with new IT solution in operation

•

HR transformation launched across Group with IT provider mobilised

•

New Group legal structure with effect from 1 April

•

Engineering transformation scoping begun, focused on Asset & Workflow Scheduling



Phil Bentley, CEO, said:

"We are one year into our Transformation Programme and we are making progress. Our order book is solid and revenue is up year-on-year. Project Helix is starting to deliver cost savings. We have upgraded our sales and customer service capability, and we continue to invest in talent and technology.

"The liquidation of Carillion has raised some fundamental questions about the outsourcing industry. Managing the buildings and the workplaces of our clients is a complex business, but our expertise, scale and focus continue to be valued by our clients.

"We remain focused on delivering exceptional FM services and rolling out our Connected Workspace technology to provide advanced analytics, delivering trusted advice and valued insights. The year ahead will remain challenging as we continue to transform Mitie, but we expect to see modest revenue growth with improved profits and cash flow generation."



Trading update

Revenue

Revenue growth is expected to be in the range of 2.0-2.5% at £2.2 bn. This includes the Property Management division, which has been re-incorporated into the Group figures after the withdrawal from sale announced on 5 December 2017.

This year-on-year organic growth has been driven by solid performances across all divisions. In particular, strong project work volumes in Engineering Services, increasing technology content in Security and new business wins in Care & Custody have contributed. Cleaning revenues have stabilised, having recently declined. This has been partially offset by weak performances in Property Management and contracts losses early in 2017 in Waste, part of Professional Services.

Order book

The most significant win in recent months was the detention and escorting contract in Care & Custody, valued at £525 million over 10 years - doubling the size of the division. The division was also successful in securing a number of other significant wins, in custodial services and forensic medical examiner services.

In Cleaning, we won a significant contract with an NHS Trust, and added services at Heathrow Terminal 5.

Engineering Services won a multi-year contract with a major food retailer, a 3-year extension with Heathrow Airport, and further work with the Scottish Government. We also retained a significant contract with an NHS Trust. This offsets the previously announced loss of a top 20 contract and of another due to a merger of a client.

In Security, we have recently won a new customer in the Royal Academy, as well as a technology-led contract at a global financial organisation. Our Fire and Security Systems, Document Management and Vetting businesses have experienced a solid stream of business opportunities.

Professional Services continues to win consultancy and project management work, as our Connected Workspace offer moves from pilot phase into deployment. We opened our Technology Centre in Bracknell and continue to work with various world-class technology partners.

Catering has won a contract with a major online retailer in Ireland and a contract for a major music festival in the UK, which will partially offset the loss of a contract with a UK retailer.

Property Management, despite facing difficult trading conditions, has won a large multi-year contract for social housing maintenance and a number of contracts within its painting business.



Transformation Programme (Project Helix)

We remain focused on reducing operating costs, increasing productivity and efficiency through simplification, rationalisation and automation. While the transformation of a large people-led organisation such as Mitie is not linear, we are making solid progress and the medium-term opportunities are significant.

We expect the Helix programme to conclude by summer 2020, delivering c.£50m of overall run-rate savings (c. 10% uplift on previous guidance), by March 2020.

We expect costs associated with Project Helix in FY17/18 to be c. £35m, compared with our previous guidance of £24m. The main drivers of uplift are acceleration of our property portfolio consolidation and higher transformation-related consultancy support. Incremental costs include those associated with de-risking the year-end in our finance transformation, retaining on-shore capabilities for longer than originally anticipated.

Cash and Covenants

We expect average daily net debt to be down £50m year-on-year and we continue to reduce our reliance on period-end invoice discounting. As a result of our more conservative approach and our commitment to normalising our balance sheet by reducing the company's reliance on non-committed facilities, we expect period end net debt to be £50-£70m higher than last year. We expect to continue to comfortably operate within our banking covenants.



Sector backdrop

The Facilities Management sector has been in the spotlight in the last few months. Mitie has actively engaged with its customers and stakeholders during this period, providing context and assurances. We have seen limited impact on our operational business as a result of competitor or industry activity, and we remain fully focused on our transformation programme and the execution of our strategy. Potential Brexit impacts are expected to be minimal, though could be felt in wage inflation and we have budgeted for increasing remuneration costs in FY18/19.



Full year results

The Group will announce its full-year 2018 results on 7 June 2018.

The full impact of IFRS15 is still being assessed: further analysis will be provided at the year end.



Analysts and investors conference call

Mitie will be hosting a conference call at 08:00am GMT on Friday, 16 March 2018 for analysts and investors with Phil Bentley, CEO, and Paul Woolf, CFO.

I wasn't tempted to take a position this week long or short, that magic word CHALLENGING in todays statement doesn't breed confidence.

StockMarketWire.com
Facilities management provider Mitie Group said UK authorities were no longer investigating the company's disclosure practices.

Last August, Mitie said the Financial Conduct Authority had commenced an investigation related to the timeliness of a profit warning announced in September, 2016.

It was also investigating the manner of preparation and content of the company's financial information, position and results.

'On 26 June 2018, the FCA advised the company that it was discontinuing its investigation into the company,' Mitie said in a short statement.