Mitie Group plc announce a final dividend recommended of 1.4 pence per share

DividendMax Ltd.

Mitie Group plc announce a final dividend recommended of 1.4 pence per share

The Mitie Group Board is recommending a final dividend of 1.4 pence per share which, when added to the dividend paid in respect of the first six months of the year, takes the total dividend for FY22 to 1.8 pence per share.  The final dividend will be paid on 5 August 2022.

Other financial highlights include:

Revenue including share of joint ventures and associates of £3,997m, up 58% (FY21: £2,529m), boosted by new contract wins, as well as good growth at Interserve Facilities Management (Interserve) and £448m from flexible rapid-response COVID-related contracts

Operating profit before other items of £167m, up 184% (FY21: £59m) with higher operating profit margin of 4.2% (FY21: 2.3%) due to the contribution from the higher margin, flexible rapid-response COVID contracts

Operating profit after other items of £72m (FY21: £4m), reflecting the stronger performance this year

The legacy Interserve business has performed well with 90% of contracts renewed in the period and cost synergies of £30m

New contract wins, renewals/extensions and projects of approximately £3.8bn total contract value, with renewal rates of 90%. Book to bill ratio of 105%

Average daily net debt for the year ended 31 March 2022 fell to £25m (FY21: £47m); net cash of £27m at year end

Free cash inflow of £133m (FY21: outflow of £25m) due to increased profitability and lower working capital

Acquisitions of £27m in fast growing, high return businesses; disposal of Mitie Document Management for £40m

EPS before other items of 9.2p significantly increased due to higher operating profit combined with a lower effective tax rate (FY21: 3.1p)

Initial £50m share buyback programme launched as part of strategy to increase returns to shareholders

Companies mentioned