Headline revenue growth of 4.8%, of which 3.9% was organic
Headline operating profit up 3.0% (2.2% organic) and operating profit margin remains strong at 5.9%
Headline cash conversion of 80.3%2 (2013: 106.7%) and statutory cash conversion of 128.6% (2013: 116.3%); above target KPI of 80%
Net debt at 30 September 2014 of £233.8m or 1.5x headline EBITDA3 (2013: £221.8m, 1.5x headline EBITDA)
Strong growth of both headline basic EPS and dividend, up 5.1% and 6.1% respectively
Strong organic growth in our Facilities Management business
Sector leading organic FM revenue growth of 6.3% and contract retention rate above 90%
Rated as the top overall service provider* in the UK FM industry for the second year running
Successful in retaining our integrated FM contract with Vodafone for a further five years, valued at £250m
Awarded a range of new FM contracts including with Royal Cornwall Hospitals valued at £90m over seven years and Heathrow Airport valued at £40m over three years
Successfully mobilised our contract with the Home Office to run two immigration centres at Heathrow, in a contract valued at £180m over eight years
Property Management division will have a more buoyant second half, supported by planned project works
Challenging first half in our Healthcare division, however we remain confident of the long-term growth prospects in this market
Exit from loss-making businesses complete this financial year
The exit from our mechanical and electrical engineering construction business will be complete in this financial year; losses of £6.9m incurred in the period and we expect this to range between £11m and £15m for the full year (FY2014: £13.6m)
We have assessed all remaining risk on the design and build contracts left in our Asset Management business; exceptional charges of £45.7m incurred (FY2014: £25.4m), which cover all balance sheet exposures and all material expected future costs
Beyond these amounts, we expect no further exceptional charges from either of these businesses
Well positioned for the long-term
Order book remains healthy and now stands at £8.5bn (March 2014: £8.7bn); 98% of 2014/15 budgeted revenue secured (prior year: 99%) and 72% of 2015/16 forecast revenue secured (prior year: 74%)
Bid pipeline has grown by 20% to £9.8bn (March 2014: £8.2bn) and continued investment being made in the bidding, strategic sales and operational management capability across the group
Robust balance sheet and strong financial position will support growth
Ruby McGregor-Smith CBE, Chief Executive of Mitie, commented:
"We have delivered a strong performance in our facilities management business during the first half of the year, and we expect to gain further positive momentum through the rest of the year.
"We have significantly de-risked our group by finalising the exit from our loss-making businesses. We are focused on investing in and maximising the long-term growth potential of our facilities management, property management and healthcare businesses.
"Our order book and sales pipeline are substantial. We are in a good position to deliver growth and look ahead with confidence."
