Mitie Group (MTO)

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FTSE 250

115.40p
   
  • Change Today:
    -2.00p
  • 52 Week High: 124.20
  • 52 Week Low: 91.90
  • Currency: UK Pounds
  • Shares Issued: 1,329.14m
  • Volume: 6,622,133
  • Market Cap: £1,533.83m
  • RiskGrade: 216

Mitie reinstates dividend, unveils £50m buyback on return to profit

By Frank Prenesti

Date: Thursday 09 Jun 2022

LONDON (ShareCast) - (Sharecast News) - Detention centre and building facilities operator Mitie reinstated its dividend and unveiled a £50m share buyback as it swung to a full-year profit, boosted by new contract wins.
The company posted a pre-tax profit of £52m for the 12 months to March 31, compared with a £14m loss a year earlier. A dividend of 1.8p a share was declared.

Mitie, which runs everything from cleaning to building security, said that it expected to deliver mid-to-high single digit revenue growth, along with good operating margin progress, excluding £448m in Covid-related contract work last year.

Revenue rose 58% to almost £4bn. Operating profit soared 184% to £167m, due to the contribution from the higher margin, flexible rapid-response Covid contracts

"As part of our strategic focus on long-term value creation, our revised medium term capital allocation policy will focus on investments in high margin bolt-on acquisitions, whilst increasing shareholder returns," said chief executive Phil Bentley.

"The current year has started well, with significant contract wins from Hammerson, Netflix, Poundland, and Primark as well as renewals/extensions of our contracts to support military bases in Cyprus, Ascension Islands, and the Falklands."

Bentley added that, together with a full year's contribution from contract wins including FDIS and BAE and more government projects as workers start to return to offices, "gives us confidence in our growth outlook".

"The impact of inflation on our business continues to be well managed and we will see further benefits this year from our margin enhancement initiatives."

In a separate statement, Mitie said it had bought solar power design, installation and maintenance contractor Custom Solar for up to £12.4m.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Mitie Group Market Data

Currency UK Pounds
Share Price 115.40p
Change Today -2.00p
% Change -1.70 %
52 Week High 124.20
52 Week Low 91.90
Volume 6,622,133
Shares Issued 1,329.14m
Market Cap £1,533.83m
RiskGrade 216

Mitie Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
49.21% below the market average49.21% below the market average49.21% below the market average49.21% below the market average49.21% below the market average
30.43% below the sector average30.43% below the sector average30.43% below the sector average30.43% below the sector average30.43% below the sector average
Price Trend
86.30% above the market average86.30% above the market average86.30% above the market average86.30% above the market average86.30% above the market average
70.00% above the sector average70.00% above the sector average70.00% above the sector average70.00% above the sector average70.00% above the sector average
Income
35.44% above the market average35.44% above the market average35.44% above the market average35.44% above the market average35.44% above the market average
36.51% above the sector average36.51% above the sector average36.51% above the sector average36.51% above the sector average36.51% above the sector average
Growth
80.14% above the market average80.14% above the market average80.14% above the market average80.14% above the market average80.14% above the market average
73.47% above the sector average73.47% above the sector average73.47% above the sector average73.47% above the sector average73.47% above the sector average

What The Brokers Say

Strong Buy 4
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 5
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Mitie Group Dividends

  Latest Previous
  Final Interim
Ex-Div 20-Jun-24 14-Dec-23
Paid 05-Aug-24 31-Jan-24
Amount 3.00p 1.00p

Trades for 17-Jun-2024

Time Volume / Share Price
16:35 11,841 @ 115.40p
16:35 10,512 @ 115.40p
16:35 27,955 @ 115.40p
16:35 708,196 @ 115.40p
16:35 207 @ 115.40p

Mitie Group Key Personnel

CEO Phillip Bentley

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