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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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.