Mitie Group (MTO)

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FTSE 250

105.00p
   
  • Change Today:
      0.40p
  • 52 Week High: 109.60
  • 52 Week Low: 78.80
  • Currency: UK Pounds
  • Shares Issued: 1,334.60m
  • Volume: 2,451,716
  • Market Cap: £1,401.33m
  • RiskGrade: 216

Mitie swings to full-year profit

By Michele Maatouk

Date: Thursday 06 Jun 2019

LONDON (ShareCast) - (Sharecast News) - Outsourcer Mitie said on Thursday that it swung to a full-year profit as revenue rose thanks to a strong performance from its core businesses.
In the year to the end of March, the company made a pre-tax profit of £36.4m versus a loss of £15.4m the year before, as revenue increased 9.4% to £2.2bn, with organic growth of 5.5%. Mitie said this reflects a strong performance from its "top strategic accounts".

Meanwhile, operating profit before other items was up 6% in the year to £88.2m, coming in above the guidance range of £84m to £87m given by the company back in March.

The group said its fixed-term order book from continuing operations was broadly flat at £4.1bn, benefiting from VSG's order book and significant contract wins towards the end of the year. In addition, it said it has seen a steady flow of wins and retentions following the successful reorganisation of its sales team and the introduction of strategic account managers.

Mitie declared a final dividend of 2.67p, taking the full-year dividend to 4p a share, in line with the previous year.

Chief executive Phil Bentley said: "Our strategy of focusing on our larger businesses and strategic accounts where our technology offer is a true differentiator is beginning to deliver value for shareholders. Over FY 18/19 we sharpened our focus by continuing to invest in customer service and technology and by exiting non-core businesses.

"Project Helix has provided solid foundations for Mitie's future growth, enabling investments in our people, customers and technology. With the foundations now built, we are now moving to Project Forte focused primarily on driving simplicity and efficiency in Engineering Services. Together with our focus on strategic accounts and larger businesses, we should see continued improvement in the group's profits. At the same time, we are making good progress in strengthening our balance sheet."

At 1030 BST, the shares were up 9% at 152p.



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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 105.00p
Change Today 0.40p
% Change 0.38 %
52 Week High 109.60
52 Week Low 78.80
Volume 2,451,716
Shares Issued 1,334.60m
Market Cap £1,401.33m
RiskGrade 216

Mitie Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
70.63% below the market average70.63% below the market average70.63% below the market average70.63% below the market average70.63% below the market average
64.44% below the sector average64.44% below the sector average64.44% below the sector average64.44% below the sector average64.44% below the sector average
Price Trend
76.23% above the market average76.23% above the market average76.23% above the market average76.23% above the market average76.23% above the market average
54.46% above the sector average54.46% above the sector average54.46% above the sector average54.46% above the sector average54.46% above the sector average
Income
20.05% above the market average20.05% above the market average20.05% above the market average20.05% above the market average20.05% above the market average
13.85% above the sector average13.85% above the sector average13.85% above the sector average13.85% above the sector average13.85% above the sector average
Growth
88.24% above the market average88.24% above the market average88.24% above the market average88.24% above the market average88.24% above the market average
78.00% above the sector average78.00% above the sector average78.00% above the sector average78.00% above the sector average78.00% 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
  Interim Final
Ex-Div 14-Dec-23 22-Jun-23
Paid 31-Jan-24 04-Aug-23
Amount 1.00p 2.20p

Trades for 28-Mar-2024

Time Volume / Share Price
16:58 201 @ 104.58p
16:35 1,122,495 @ 105.00p
16:35 15,447 @ 105.00p
16:35 3,627 @ 105.00p
16:35 40,097 @ 105.00p

Mitie Group Key Personnel

CEO Phillip Bentley

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