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Mitie announce an interim dividend maintained at 1.33p, in line with policy

Investment Tools Ltd.
Mitie announce an interim dividend maintained at 1.33p, in line with policy

For H1 19/20, the Mitie Group Board has declared a dividend of 1.33p in line with last year and their stated policy of paying one third of the previous year's total dividend as an interim dividend.

Interim dividend dates:

Ex-dividend date: 19 December 2019

Record date: 20 December 2019

DRIP Election date: 10 January 2020

Payment date: 4 February 2020

Other financial highlights include:

Revenue from continuing operations up 11% driven by the VSG acquisition and continued growth in strategic accounts (4%)

Operating profit before other items from continuing operations up 5% due to improved contributions from the Detention & Escorting Services contract and VSG, partly offset by lower renewal margins in certain contracts

Secured order book1 up 1% at £4.1bn since FY 18/19

Leverage 1.5x net debt/EBITDA (on pre-IFRS 16 frozen GAAP covenant basis) with period-end net debt of £148.1m (FY 18/19: £140.7m)

Average daily net debt reduced by £54.1m versus H1 18/19 (pre-IFRS 16)

Project Forte, the two-year transformation programme of our engineering business, has mobilised successfully and is tracking to plan, with confidence around the gross benefits of £30m

Strategic focus: Mitie Catering sold to CH&CO, their strategic partner

Management's expectations for full-year operating profit before other items, adjusted for the sale of Mitie Catering, remain in line with previous guidance

Companies mentioned

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