MITIE Slips To Loss In FY21, Revenues Up; Sees FY22 To Be Materially Ahead Of Prior View

Mitie Group plc (MTO.L), a facilities management and professional services company, Thursday reported that fiscal 2021 loss before tax was 9.1 million pounds, compared to prior year's profit of 48.4 million pounds.

Loss per share was 0.9 pence, compared to prior year's profit of 5.8 pence.

Adjusted profit before tax was 46 million pounds, compared to 69.9 million pounds a year ago. Adjusted earnings per share were 3.5 pence, compared to 8.3 pence a year ago.

Group revenue increased to 2.56 billion pounds from prior year's 2.17 billion pounds.

Looking ahead, the company expects for fiscal 2022 to be materially ahead of prior expectations.

Phil Bentley, Group Chief Executive, said, "As businesses slowly start to reopen and our customers' employees return to offices, we are starting to see some green shoots of recovery in the variable project and discretionary spend works and we anticipate this continuing as re-occupation plans solidify....Our new strategy will focus on increasing growth, margin enhancement and cash generation. The new Mitie will target, over the medium term, mid single digit revenue growth, margins of 4.5-5.5%, sustainable free cash flow and ROIC in excess of 20%."

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