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22 June 2018
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MITIE SEES REVENUE GROWTH BUT OPERATING PROFIT IS DOWN

7 June 2018 | Herpreet Kaur Grewal


Facilities management company Mitie has seen its operating profit go down 6 per cent at £77.1 million in line with guidance reflecting investment in the business, according to its full-year results for the period ended 31 March 2018.

 

The group’s adjusted revenue growth was up 2.8 per cent at £2.2 billion from the same period last year.

 

Its net debt as at 31 March 2018 was £193.5 million.

 

Phil Bentley, chief executive of Mitie, said: “We are one year into our transformation programme and we are where we need to be. It has been a year of discovery, simplification and significant change, all set against a challenging market. We have made much progress, building the foundations that will ensure that Mitie is at the forefront of the UK facilities management industry.

 

“Our core business has demonstrated its strength and resilience and is performing well, our commitment to strong financial management remains unwavering and our focus on costs, customers, technology and our people is delivering tangible benefits.

 

“With an uptick in revenue, a normalising balance sheet, a good order book, a focused execution plan, significant investment in technology and a settled management team, I believe Mitie is well positioned for growth.”