BRISTOL, UNITED KINGDOM--(Marketwire - May 23, 2011) -
MITIE Group PLC Preliminary announcement of results for the year ended 31 March 2011 Good results and strong growth aspirations 2011 2010 Growth GBPm GBPm % Revenue 1,891.4 1,720.1 10.0 Operating profit before other items1 108.3 93.0 16.5 Profit before tax and other items1 105.7 91.7 15.3 Profit before tax 86.8 79.7 8.9 2011 2010 Growth p p % Basic earnings per share before other items1 22.6 19.5 15.9 Basic earnings per share 18.6 16.9 10.1 Dividend per share 9.0 7.8 15.4 Good results - Strong revenue growth of 10.0% to GBP1,891.4m - Good progress in underlying organic revenue growth - second half 5.3%; full year 3.5%2 - Operating profit before other items up 16.5% to GBP108.3m (includes GBP4.1m benefit arising from the change from RPI to CPI for the valuation of certain pension liabilities) - Operating profit margin before other items improved to 5.7% (2010: 5.4%) - Excellent conversion of EBITDA to cash of 86.7% against target of 80% (2010: 95.2%) - Total dividend for the year up 15.4% to 9.0 pence (2010: 7.8 pence) - Low leverage with net debt of GBP76.5m (2010: GBP86.6m) - Strong balance sheet and long-term committed finance will support growth Transformational contract awards - Rolls-Royce: pan-European total facilities and energy management - Vodafone: total facilities and energy management for entire UK and Irish property portfolio - UK Home Office, Campsfield House Immigration Removal Centre: custody, detention, facilities and energy management - Major decentralised energy projects: Royal Free North Hampstead Hospital, Waitrose and a waste-to-energy plant - Solar energy: completed a pilot project of photovoltaic panels on 200 properties which provide free daytime electricity for social housing tenants, with potential for up to 15,000 further properties during calendar 2011 Strong relationships, energy services and international development to support aspirational growth targets - Identified several major opportunities to repeat the growth achieved with Rolls-Royce and Vodafone with a number of existing major clients over the next two to three years - Energy services generated 34% of revenues in 2011 - now ranked in the top two energy services companies in the UK - Self-delivery and supply-chain management in six European countries allows us to grow organically from this initial footprint - Acquired the integrated facilities management businesses of Dalkia in Ireland Excellent revenue visibility and market opportunity - 81% of 2011/12 budgeted revenue secured (2010: 75%) - Long-term order book increased to GBP6.8bn (2010: GBP6.4bn) - GBP11.4bn pipeline of identifiable sales opportunities - Private sector 63% of 2011 revenues Ruby McGregor-Smith, Chief Executive of MITIE Group PLC, commented: "These are very good results and this year we have been awarded a number of transformational contracts. We have secured some significant work in the private sector where we have excellent relationships with our clients and are differentiated by our energy services capabilities and use of technology. We have been appointed to several large public sector frameworks and have a strong pipeline of opportunities in local government, social housing, justice and health."The opportunities in outsourcing and energy services in the UK and abroad are significant. Our strong balance sheet and excellent cash conversion, as well as a record order book and sales pipeline, will enable us to achieve our growth aspirations. The business is well positioned for continued sustainable, profitable growth." (1) Other items comprise the amortisation of acquisition related intangible assets of GBP8.9m (2010: GBP5.3m), restructuring and acquisition costs of GBP9.9m (2010: GBP6.6m) and acquisition related finance charges of GBP0.1m (2010: GBP0.1m) (2) Underlying organic revenue growth is stated after adjusting for the full year effect of acquisitions made in the prior year and excludes the activities in our discontinued engineering contracting business Erica Lockhart, Head of Investor Relations and External Affairs T: +44 (0) 20 3123 8675 M: +44 (0) 7979 784488 John Telling, Group Corporate Affairs Director T: +44 (0) 20 3123 8673 M: +44 (0) 7979 701006 Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/0527H_1-2011-5-20.pdf This information is provided by RNS The company news service from the London Stock Exchange END
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