Mitie Group plc, the facilities management (FM) and professional services company, has announced its financial and operational results for the year ended 31 March 2019. Revenue is up by an impressive 9.4% to £2.2 billion (the corresponding figure for the prior year being £2.0 billion) with organic growth at 5.5% reflecting strong performance from the business’ top strategic accounts. Operating profit before other items is up by a figure of 6.0% to £88.2 million.
It has been what Mitie describes as “another challenging year” with the FM sector remaining firmly in the spotlight. Despite this, the business grew its revenues and top line strategic accounts, reduced its period-end net debt and, as reported by Risk Xtra at the end of April, qualified for Phases I and II of the Crown Commercial Services FM Marketplace Framework, in turn positioning the company to win more work from central Government.
Commenting on these latest financials, Mitie Group plc’s CEO Phil Bentley stated: “The strategy of focusing on our larger businesses and strategic accounts where our technology offer is a true differentiator is now beginning to deliver value for shareholders. Over the Financial Year 2018-2019 we sharpened our focus by continuing to invest in customer service and technology and by exiting non-core businesses.”
In June 2017 the company’s cost-focused programme, designated Project Helix, was launched to kick-start Mitie’s transformation. Two years on, this has largely achieved the business’ aims. Mitie has exited the Financial Year 2018-2019 with run-rate cost savings of circa £45 million.