Mitie Group PLC

Latest Results (13.10.2025):

Mitie Group PLC has released its Q1 FY26 financial results, showcasing robust performance with a 10.1% increase in revenue. The quarter also highlighted significant contract acquisitions, a strong project pipeline, and progress in strategic initiatives, including the impending acquisition of Marlowe plc.

Revenue Growth

Mitie Group PLC reported a 10.1% rise in revenue to £1,282 million for Q1 FY26 compared to £1,164 million in Q1 FY25. This growth includes an 8.0% organic increase driven by net wins, scope expansions, project growth, and pricing strategies, alongside a 2.1% inorganic boost from recent acquisitions.

Contract Wins and Renewals

The company secured, extended, or renewed contracts worth £1.2 billion in Total Contract Value (TCV) during the quarter. Notable new contracts include services for Aviva, Hull University Teaching Hospitals NHS Trust, the Home Office, and Transport for London, underscoring Mitie's strong market position.

Strategic Acquisition of Marlowe plc

Mitie is set to acquire Marlowe plc, a leading player in the Facilities Compliance sector, with the transaction expected to complete on August 4, 2025. The £350 million cash and share offer received 98% shareholder approval, reinforcing Mitie's strategic expansion and market leadership ambitions.

Strong Project Pipeline

The Group boasts a record £29.0 billion pipeline of bidding opportunities, marking a 22% increase from the previous period. This robust pipeline reflects Mitie's continued growth prospects and its ability to secure large-scale projects across various sectors.

Financial Position and Credit Rating

Mitie Group PLC reported a net debt of £240 million as of June 30, 2025, with an average daily net debt of £238 million. The company's BBB investment grade credit rating remains stable, supported by ongoing margin enhancement initiatives and effective debt management strategies.

Divisional Performance

All business divisions showed positive growth, with Business Services leading at a 16.6% increase, followed by Spain at 30.8% and Technical Services at 5.0%. Central Government was the only division to experience a decline, down by 6.1%, due to the completion of significant projects in the previous fiscal year.