REG - MITIE Group PLC - Completion of FY24 Share Buyback Programme

MITIEAnnouncement

13/03/2024 07:15

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RNS Number : 6018G  MITIE Group PLC  13 March 2024

 

13 March 2024

Mitie Group plc

LEI number: 213800MTCLTKEHWZMJ03

 

Completion of FY24 Share Buyback Programme

 

Mitie Group plc ("Mitie" / the "Group") announces that it has completed the
FY24 £50m share buyback programme, announced on 18 April 2023 (the "Share
Buyback Programme").

Over the duration of the FY24 Share Buyback Programme, the Group purchased a
total of 59m Ordinary Shares of 2.5p each ("Ordinary Shares") at an average
price of 85p, of which 26m shares (representing c.2% of the Group's issued
share capital) have been cancelled.

The remaining 33m shares were purchased to satisfy awards vesting under the
Group's 2020 SAYE scheme. As announced in Mitie's Q3 Trading Update on 25
January 2024, the Group has redeployed proceeds of c.£8m arising upon the
exercise of these awards (being the discounted option price paid by the
employee) into the further share purchases under the Share Buyback Programme,
such that the net expenditure remains £50m.

In total, over the past two years, the Group has purchased 128m shares through
share buyback programmes, at a net cost of £100m and average price of 79p, of
which 95m shares (representing c.7% of the Group's issued share capital) have
been cancelled.

 

 

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 looks after the places where Britain works, and is the
leading facilities transformation company in the UK. We offer a range of
services to the public sector through our Central Government & Defence and
Communities (Local Government & Education, Healthcare and Care &
Custody) divisions. Our Technical Services (Engineering 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 65,000 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 industry awards including B2B Marketing Team of
the Year, Best Low Carbon Solution and Net Zero Carbon Strategy of the Year.
Targeting Net Zero by the end of 2025, our ambitious emissions reduction plans
have also been validated by the Science Based Targets initiative (SBTi). We
have been recognised as a UK Top Employer for the sixth consecutive year. Find
out more at www.mitie.com (http://www.mitie.com) .

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