Operating profit before other items at FM solutions provider Mitie Group plc stands at £35.4 million (HY16: £58.1 million). Loss before tax of £(100.4) million (HY16: £45.1 million) is stated after other items of £128.1 million.
There’s a rolling 12-month cash conversion of 107.9% (HY16: 91.4%) and a net debt as at 30 September 2016 of £231.7 million or 1.9 x EBITDA (HY16: £221.8 million or 1.5x EBITDA). A healthy sales pipeline stands at £9.3 billion (March 2016: £9.1 billion) with an order book worth £7.7 billion (March 2016: £8.5 billion). 94% of 2016-2017 budgeted revenue has been secured (HY16: 97%), with 65% of 2017-2018 forecasted revenue also secured (HY16: 68%).
Performance in the first half of the year has been impacted by changing market conditions. Short-term reductions in higher margin project work and discretionary spend have reduced profits in FM with weak UK business confidence affecting clients’ investment plans.