REG - MITIE Group PLC - Investment Grade Rating unchanged at BBB

MITIEAnnouncement

25/06/2025 10:00

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RNS Number : 3543O  MITIE Group PLC  25 June 2025

25 June 2025

Mitie Group plc

LEI number: 213800MTCLTKEHWZMJ03

 

Mitie Group plc - DBRS Morningstar confirms Mitie's Investment Grade Rating
unchanged at BBB

 

Mitie Group plc ("Mitie" or "the Group") (LSE: MTO), the UK's leading
facilities management and transformation company, notes that on 20 June 2025,
DBRS Morningstar confirmed that Mitie's BBB investment grade credit rating
remains unchanged as a result of the proposed acquisition of Marlowe Plc
("Marlowe").

 

DBRS Morningstar views Marlowe's business lines as complementary to Mitie's
existing operations, and cites Mitie's strong financial position and
integration experience as factors that have influenced its assessment.

 

The confirmation follows Mitie's announcement on 5 June 2025 of its proposal
to acquire Marlowe, a move aligned with the Group's strategy to expand
capabilities in the Testing, Inspection and Certification sector.

 

Phil Bentley, Group Chief Executive, Mitie, said:

 

"We welcome DBRS Morningstar's comments and rating confirmation, which we
regard as a clear recognition of the Mitie Board's commitment to maintaining a
strong balance sheet, operating within our leverage targets, and delivering
good free cash flow throughout our three-year 'Facilities Transformation'
plan."

 

To read the full DBRS Morningstar report, click here
(https://dbrs.morningstar.com/research/456613/morningstar-dbrs-comments-on-mitie-group-plcs-pending-acquisition-of-marlowe-plc)
.

 

Further details of the proposed acquisition are set out in the scheme document
published by Marlowe plc on 23 June which can be accessed here
(https://www.mitie.com/investors/recommended-cash-and-share-offer-for-marlowe-plc/)
.

 

- Ends -

For further information, contact:

Kate Heseltine

 Group IR & Corporate Finance Director      M: +44 (0)738 443 9112  E: kate.heseltine@mitie.com (mailto:kate.heseltine@mitie.com)

 

Claire Lovegrove

 Director of Corporate Affairs  M: +44 (0)790 027 6400  E: claire.lovegrove@mitie.com (mailto:claire.lovegrove@mitie.com)

 

Neil Bennett

 H/Advisors Maitland  M: +44 (0)790 000 0777  E: mite@h-advisors.global (mailto:mite@h-advisors.global)

About Mitie: "Better places; Thriving Communities"

 

Founded in 1987, Mitie employs 76,000 colleagues and is the leading
technology-led Facilities Transformation company in the UK. We are a trusted
partner to a diverse range of blue chip customers across the public and
private sectors, working with them to transform their built estates, and the
lived experience for their colleagues and customers, as well as providing
data-driven insights to inform better decision-making.

 

In each of our core services of engineering (hard services) and security and
hygiene (soft services) we hold market leadership positions. We also deliver
projects capabilities in the areas of power and grid connections, building fit
outs & modernisation, decarbonisation, fire & security, and telecoms
infrastructure. Our sector expertise includes central government, critical
national infrastructure, defence, financial services, healthcare & life
sciences, local government & education, retail & logistics and
transport & aviation.

 

We hold industry-leading ESG credentials, including a place on the CDP Climate
change A List, and we have received multiple industry awards recently
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 been validated by the Science Based
Targets initiative (SBTi). We have been recognised as a UK Top Employer for
the seventh consecutive year and Most Admired Company in the Support Services
sector. Find out more at www.mitie.com.

 

 

 

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