Mitie Group PLC

Latest Results (07.08.2024):

Record Revenue Growth

Mitie Group PLC reported a record revenue of £4,511 million for the full year ended 31 March 2024, marking an 11% increase from the previous year’s £4,055 million. This growth was driven by net wins and re-pricing in Key Accounts, Projects upsell, and mergers and acquisitions, despite the completion of certain short-term public sector contracts.

Operating Profit Surge

Operating profit before other items for Mitie Group PLC surged by 30% to £210 million in FY24, compared to £162 million in FY23. This significant increase reflects the company's strong performance and effective cost management strategies.

EPS Improvement

Basic earnings per share (EPS) before other items for Mitie Group PLC rose by 29% to 12.3p in FY24, up from 9.5p in FY23. This improvement was attributed to the increase in operating profit, a reduction in net finance costs, and the benefits from share buybacks, partially offset by a higher corporation tax rate.

Free Cash Flow and Net Debt

Mitie Group PLC generated strong free cash flow of £158 million in FY24, a substantial increase from £66 million in FY23. This growth in free cash flow was driven by higher operating profit and working capital process improvements. The company’s closing net debt stood at £81 million, up from £44 million in the previous year.

Dividend and Share Buyback

Mitie Group PLC recommended a final dividend of 3.0p per share, bringing the total dividend for FY24 to 4.0p per share, a 38% increase from 2.9p in FY23. Additionally, the company commenced a £50 million share buyback program in April, with 7 million shares purchased to date at an average price of 119p per share.