The Mitie Group plc Board has declared an interim dividend for the year ending 31 March 2025 of 1.3p per share (31 March 2024: 1.0p per share) which will be paid on 4 February 2025 to all shareholders on the register at the close of business on 20 December 2024.
Other financial highlights include:
Revenue up 14% to £2,430m (H1 FY24: £2,132m), including 8% organic growth primarily driven by new contract wins, scope increases and pricing, alongside a 6% contribution from acquisitions
Record contract wins and renewals, up 54% to £3.7bn TCV (H1 FY24: £2.4bn); Renewals rate of 64% (FY24: 79%) reflects the loss of two notable public sector contracts; book to bill ratio of 150%5
Operating profit before other items up 14% to £101m (H1 FY24: £89m)
Operating profit margin before other items maintained at 4.2% (H1 FY24: 4.2%); includes margin enhancement initiatives, offset by investments in the new Three-Year Plan and a loss in the telecoms infrastructure business
Basic EPS before other items up 2% to 5.4p (H1 FY24: 5.3p), with the benefits of higher operating profit and the share buyback programme offsetting a higher effective corporation tax rate and finance costs
Operating profit of £63m (H1 FY24: £57m) and basic EPS of 3.0p (H1 FY24: 3.3p); other items of £38m (H1 FY24: £32m) include costs to deliver margin enhancement initiatives and an increase in acquisition-related costs
Free cash flow generation of £34m (H1 FY24: £48m); operating cash flow of £81m (H1 FY24: £73m)
Three acquisitions completed year-to-date for £49m, including a power connections business in H1 (£4.3m), and a UK fire systems business (£36.9m) and a Spanish security business (£7.5m) post-period end
Closing net debt up £107m to £188m in H1, reflecting increased returns to shareholders, acquisitions and increased electric vehicle lease obligations, offset by free cash flow generation
Strong balance sheet with continued low leverage of 0.7x average net debt/EBITDA6 (FY24: 0.6x)
