REG - MITIE Group PLC - Capital Markets Event

MITIEAnnouncement

12/10/2023 07:00

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RNS Number : 8505P  MITIE Group PLC  12 October 2023

 12 October 2023

 

 

Mitie Group plc: Capital Markets Event

 

New Three-Year Plan Launched

"From Facilities Management to Facilities Transformation"

New Stretching Financial Targets Set

 

Mitie Group plc ("Mitie" or "the Group") (LSE: MTO), the UK's leader in
facilities management and transformation, is today hosting a Capital Markets
Event for institutional investors and sell-side equity research analysts (1pm
BST - 5pm BST).

 

The Event will introduce the Group's new Three-Year Plan for FY25-FY27: "From
Facilities Management to Facilities Transformation".

 

Mitie will outline how customers' needs for their built environment are
changing to meet increasing demands for asset optimisation; a reduced carbon
footprint; higher levels of assurance for security and cleanliness; whilst
embracing hybrid working and creating a 'Great Place to Work'.

 

The Capital Markets Event will feature a series of presentations from the
Mitie Senior Leadership Team, highlighting the strengths of the business and
opportunities for growth, as well as showcasing Mitie's leading technologies
in action in its 'Transformation Hub'.

 

Mitie's technology-led Facilities Transformation strategy is expected to drive
faster growth in three key areas:

 

·    Growth in major Key Accounts;

·    Growth in Projects work through 'upselling' to existing customers;
and

·    Growth through Infill M&A to add new capabilities

 

Mitie will set out new financial targets for FY25 - FY27, as follows:

 

·    High single digit revenue compound annual growth rate (CAGR)

·    5% operating profit margin 1  (#_ftn1) by FY27

·    EBITDA >£300m by FY27

·    EPS CAGR above that of revenue, despite higher Corporation Tax rates

·    £150m p.a. free cash flow by FY27

 

These growth targets will be underpinned by the Group's continued disciplined
approach to investment of:

 

·    c.20% Return on Group Invested Capital

·    Average leverage between 0.75 to 1.5x's EBITDA

 

Separately, the Board is pleased to announce that CEO, Phil Bentley, has
confirmed his commitment to delivering the next Three-Year Plan.

 

Join our event today, in person or online, to hear more about how Mitie is
leading the industry: "From Facilities Management to Facilities
Transformation".

 

Event and registration details

The event will commence with lunch and registration at 12.15pm BST at the
Group's headquarters in The Shard, 32 London Bridge Street, SE1 9SG.

 

Presentations will commence at 1pm BST and will be streamed live. Please
register via the following link: https://webcasts.umcdn.com/mit029
(https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwebcasts.umcdn.com%2Fmit029&data=05%7C01%7CKate.Heseltine%40mitie.com%7Cbe7d9659bf754ddf7ac108dbc6381976%7C9e66e0b4768c4506a1b67e44c80595f2%7C0%7C0%7C638321716462698966%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=ww%2FcIlOCsH9mNRvCkU2RTwUUg4tddnGwkidQCZI49v0%3D&reserved=0)

If you would like to attend in person and have not done so already, please
contact Kate Heseltine: kate.heseltine@mitie.com
(mailto:kate.heseltine@mitie.com) .

 

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For further information

 Kate Heseltine                  M: +44 (0)738 443 9112  E: kate.heseltine@mitie.com (mailto:kate.heseltine@mitie.com)

 Group IR Director

 Claire Lovegrove                M: +44 (0)790 027 6400  E: claire.lovegrove@mitie.com (mailto:claire.lovegrove@mitie.com)

 Director of Corporate Affairs

 Richard Mountain                M: +44 (0)790 968 4466

 FTI Consulting

 

About Mitie

Founded in 1987, Mitie's job is to look after places where Britain works, and
it is the leading facilities management company in the UK. We offer a range of
services to the public sector through our Central Government & Defence and
Communities (Healthcare, Education, Campus & Critical and Care &
Custody) divisions. Our Technical Services (Engineering Services, Energy,
Water and Real Estate Services) and Business Services (Security, Cleaning,
Landscapes, Spain and Waste) divisions serve private sector customers in areas
such as Financial & Professional Services, Industrials, Retail and
Transport, and increasingly the public sector.

Mitie employs 64,000 people. We take care of our customers' people and
buildings, through the 'Science of Service', and we are transforming
facilities to be more flexible, safe, sustainable, and attractive to all.
Mitie continues to execute its technology-led strategy and in the past twelve
months has received multiple awards and validation for its ambitious near and
long-term science-based emissions reduction targets from the Science Based
Targets initiative (SBTi). Find out more at www.mitie.com
(http://www.mitie.com) .

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