MITIE GROUP PLC

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Mitie : FY21 Results Presentation

06/10/2021 | 04:20am

Mitie Group plc

The UK's Leading

Facilities Management Company

A defining year of

strategic progress and

financial resilience

Full Year 2021 Results Presentation

10 June 2021

FY21: A defining year - Strategic progress and financial resilience

  • Good trading resilience during the COVID pandemic
  • Strengthened balance sheet - rights issue, refinancing, BBB credit rating
  • Interserve acquisition performing better than expected and accelerates value creation
  • Market leadership in our three core markets: Cleaning, Security and Technical Services
  • Outlook for FY22 anticipated to be materially ahead of our prior expectations
  • New strategy focused on growth, margin enhancement and cash generation

2

Simon Kirkpatrick

Chief Financial Officer

A resilient performance, with Interserve delivering ahead of expectations

Continuing operations (£m)

FY21

FY20

Change %

Revenue1

2,589

2,174

19.1%

Mitie standalone revenue2

2,139

2,174

(1.6)%

Operating profit before other items

63.4

86.1

(26.4)%

Operating profit before other items margin

2.4%

4.0%

(1.6ppts)

Profit after tax before other items

37.5

58.0

(35.3)%

Basic earnings per share before other items3

3.5p

8.3p

(57.8)%

Dividends per share3

-

0.69p

Interserve synergies in FY21

6.2

Net assets

361.8

80.5

349%

Closing net debt4

(86.7)

(153.0)

43%

Average daily net debt

(47.1)

(327.6)

86%

Order book

7,202

4,294

68%

  • Headline revenue growth of 19.1%
  • Operating profit ahead of expectations despite repayment of Mitie furlough and re-instatement of incentives
  • Synergies of £6.2m captured in FY21
  • Average daily net debt improved by £280.5m
  • Order book increase due to Interserve acquisition

1 Revenue including share of joint ventures and associates; 2 Mitie standalone revenue including share of joint ventures and associates but excluding Interserve;

3 FY20 EPS and dividends per share have been restated for the bonus element of the rights issue; 4 FY20 closing net debt has been restated for change in

4

accounting policy for BACS payments

New public sector revenue in Business Services offset impact of COVID on Technical Services variable and project works

Continuing operations (£m)

FY21

FY20

Change %

Technical Services

820.7

947.2

(13.4)%

Business Services

1,085.0

986.9

9.9%

Specialist Services

233.6

239.6

(2.5)%

Mitie standalone

2,139.3

2,173.7

(1.6)%

Interserve

450.0

Mitie Enlarged Group

2,589.3

2,173.7

19.1%

  • Technical Services impacted by reduction in variable and projects works
  • Public sector wins drive Business Services growth
  • Specialist Services resilient in full year of pandemic
  • Interserve revenue ahead of expectations

NB: Revenue including share of joint ventures and associates from continuing operations

5

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Disclaimer

Mitie Group plc published this content on 10 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 June 2021 08:19:06 UTC.

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