Mitie Group H1 Adj. Operating Profit Rises – Quick Facts

Mitie Group plc (MTO.L) said it has delivered a strong performance in first half across all its divisions as the addition of Interserve Facilities Management and the contribution from COVID-related contracts boosted the performance of business. Operating profit before other items, from continuing operations, was 85.0 million pounds, 367% ahead of prior year as the recovery in revenues was boosted by the inclusion of Interserve profits, 11 million pounds of cost synergies, and 40 million pounds of profit from the short-term COVID-related contracts.

Excluding short-term COVID-related contracts, the Group is again expecting a stronger second half performance for the underlying business. This is estimated to result in an operating profit before other items for fiscal 2022 of between 145 million pounds and 155 million pounds, unchanged from prior guidance.

The Board reintroduced an interim dividend at 0.4 pence per share. The dividend will be paid on 2 February 2022 to all shareholders that are on the register at the close of business on 17 December 2021. The Board indicated that it would take account of cash generation and the performance of the underlying business when considering the reinstatement of a dividend in fiscal 2022.

For the six months ended 30 September 2021, pretax profit was 50.0 million pounds compared to a loss of 0.9 million pounds, previous year. Profit per share from continuing operations was 2.5 pence compared to a loss of 0.4 pence. Earnings per share from continuing operations before other items increased to 4.5 pence from 0.9 pence.

Revenue was 1.91 billion pounds, up 103% from last year. Excluding the revenue contribution from Interserve and from short-term COVID-related contracts, revenue growth was 12%, for the period.

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