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Mitie (MTO) returns interim dividend as profits surge

By Adrian Holliday

10:49, 18 November 2021

A female Mitie construction worker in orange safety jacket and yellow hard hat climbs a ladder
Female construction worker in orange safety jacket climbing ladder – Photo: Mitie

Facilities management company Mitie has revived its dividend – to 0.4p a share – helped by pre-tax profits surging to £50m ($67m, €59m) for the six months to 30 September. 

Part of the uptick, Mitie said, was due to Interserve Facilities Management (IFM) revenues of almost £629m. Mitie revenues that strip out IFM climbed 36%. Operating profits before other items surged to £85m – more than a 350% rise.

Overall, group revenue for the 2021 half year was £1,872.7m – double the £942.8m for the same period a year previously. 

Shares unmoved

In earlier trading, Mitie stock moved from 71.08p to to 72.91p. As of 10:15 GMT Mitie shares traded at 71.30p. 

Oil - Crude

74.50 Price
-1.560% 1D Chg, %
Long position overnight fee -0.0136%
Short position overnight fee -0.0083%
Overnight fee time 22:00 (UTC)
Spread 0.040


2,072.25 Price
+1.760% 1D Chg, %
Long position overnight fee -0.0193%
Short position overnight fee 0.0111%
Overnight fee time 22:00 (UTC)
Spread 0.30


16,001.20 Price
+0.470% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 7.0


39,703.90 Price
+0.010% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

“We maintain our [full year] FY 22 and FY 23 FDS earnings per share estimates,” said Liberum analyst Joe Brent. “Average net debt fell from £69m to £60m, helped by working capital and increased factoring.” Liberum is maintaining its buy rating with a share target price of 90p.

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Second half-of-year boost

Mitie CEO Phil Bentley said Mitie’s second half is traditionally a little stronger than the first because the final quarter attracts extra project works across the public sector.  

Bentley added: “Excluding our short-term Covid-related contracts – which we expect to significantly reduce in the second half – we are again expecting a stronger second half performance for the underlying business. This will result in an operating profit before other items for FY22 of between £145m and £155m, unchanged from our previous guidance.”

Read more: National Grid (NG) share price boosted on strong half year 

Markets in this article

Mitie Group plc
1.025 USD
0.044 +4.590%
Mitie Group plc
1.025 USD
0.044 +4.590%

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