MITIE Group PLC Trading Statement (2145M)
July 27 2017 - 2:00AM
UK Regulatory
TIDMMTO
RNS Number : 2145M
MITIE Group PLC
27 July 2017
27 July 2017
Mitie Group plc ("Mitie" or the "Company")
Trading Statement
Following its Annual General Meeting yesterday and the first
Board Meeting chaired by new Chairman, Derek Mapp, Mitie the UK's
leading provider of facilities management, and related professional
services issues a Trading Statement for the period from 1st April
2017 to 30th June 2017.
The Company confirms that first quarter trading was in line with
expectations and full year guidance is unchanged.
Unaudited Group Revenue at GBP535m was 5.5% higher than the
first quarter of FY2017 (excluding discontinued businesses), with
good momentum building in Security and Engineering Services, in
particular. Recent contract wins include a major grocery retailer,
a high-street chemist and a major on-line distribution company,
together with a three year extension at Heathrow Airport Group.
Although the Group is on-track with its 'Project Helix'
transformation plan, initiatives to improve customer service and
upfront overhead costs, particularly in the Connected Workspace,
meant that underlying 1Q profit was slightly down year on year.
New contract wins and the transformation plan provide the
underpinning for FY2018 guidance. Of the Company's top 20 accounts,
only one contract is expected to be re-bid before 2020.
Phil Bentley, CEO of Mitie said: "We have made a solid start on
contract wins and revenue generation in the first quarter, but
there is still much to do to deliver the overhead savings we
require to fund our investment-led Connected Workspace
Strategy."
Interim results for the six months ending 30 September 2017 will
be announced on 20 November 2017.
For further information, contact:
Anna Chen, IR Manager. M: +44 (0) 781 852 7265 E: anna.chen@mitie.com
Notes for editors
About Mitie
Mitie is a FTSE 250 business providing a wide range of
facilities management and professional services, from real estate
consultancy, project management, energy consultancy, compliance,
risk assessment and security systems to cleaning, catering,
engineering, technical and environmental services and a range of
specialist services.
We work in partnership with organisations to deliver long-term
savings, managing and maintaining some of the nation's most
recognised landmarks for a range of blue-chip public and private
sector customers.
We are the UK's largest Facilities Management company employing
some 53,000 people across the country.
Find out more at www.mitie.com
This information is provided by RNS
The company news service from the London Stock Exchange
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