TIDMMTO
RNS Number : 8901S
MITIE Group PLC
28 June 2018
Mitie Group plc
28 June 2018
LEI number: 213800MTCLTKEHWZMJ03
Mitie Group plc (the 'Company') - Annual Financial Report
Following the release on 7 June 2018 of the Company's
preliminary results for the year ended 31 March 2018 (the
'Preliminary Announcement'), the Company announces that it has
published its Annual Report and Accounts for 2018 (the 'Annual
Report and Accounts').
The Company's 2018 Annual General Meeting will be held at Mayer
Brown International LLP, 201 Bishopsgate, London EC2M 3AF on 31
July 2018 at 11:30am.
Copies of the Annual Report and Accounts and the Notice of the
Annual General Meeting for 2018 (the 'AGM Notice') are available to
view on the Company's website: www.mitie.com. Hard copies have been
mailed to those shareholders who have elected to continue to
receive paper communications.
Copies of the Annual Report and Accounts, the AGM Notice and the
form of proxy in relation to the AGM are being submitted to the
National Storage Mechanism and will shortly be available for
inspection at: www.hemscott.com/nsm.do.
The Preliminary Announcement included a set of financial
statements and a review of the development and performance of the
Company. In compliance with Disclosure Guidance and Transparency
Rule (DTR) 6.3.5, the Company has extracted and set out below
certain information from the Annual Report and Accounts. This
information is included herein solely for the purpose of complying
with DTR 6.3.5 and the requirements it imposes on the Company as to
how to make public its annual financial reports. It should be read
in conjunction with the Company's Preliminary Announcement issued
on 7 June 2018. Together these constitute the material required by
DTR 6.3.5 to be communicated to the media in unedited full text
through a Regulatory Information Service. This material is not a
substitute for reading the full Annual Report and Accounts. Page
numbers and cross-references in the extracted information below
refer to page numbers and cross-references in the Annual Report and
Accounts.
The information contained in this announcement and in the
Preliminary Announcement does not constitute the Group's statutory
accounts but is derived from those accounts. The statutory accounts
for the year ended 31 March 2018 have been approved by the Board
and will be delivered to the Registrar of Companies following the
Company's Annual General Meeting.
Principal risks and uncertainties
Strategic risks
Risk number: 1
Ineffective bidding for contracts and poor mobilisation and
delivery processes, resulting in onerous contract terms, financial
loss and damage to our customer relationships
Impacts on:
1 Customer
2 Cost
It is critical to our business model that we are able to develop
competitive and profitable bids, and mobilise and deliver on a
variety of contracts which are often over long periods and highly
complex. In order to do this, we need to have a compelling and
differentiated market offering, and balance the cost and margin
pressures that are an important factor in our industry. Failure to
do so would impact our ability to retain clients and secure new
contracts, with a detrimental effect on our financial
performance.
We need to fairly balance risk and reward, as well as
contractual terms in our bids, and have suitable monitoring
mechanisms to ensure this is achieved. It is important to make sure
we can deliver the services in a contract, by fully understanding
the risks involved and having the appropriate skills and resources
required. Incorrectly assessing the risks may result in onerous
contracts, penalties and early termination of contracts.
Failure to properly mobilise a contract may result in breaches
of terms and conditions, additional unanticipated costs and
problems with operational performance. In addition, the delivery of
each contract must be closely monitored so that we understand our
performance against the contract obligations and Key Performance
Indicators (KPI), and that any changes are properly assessed and
monitored.
If we are unable to deliver the services as agreed in the
contract, this could have a negative impact on our customer
relationships and reputation and lead to legal disputes with our
customer and termination of the contract. We have a number of large
integrated contracts and major service specific contracts, the loss
of any of which would have a significant financial impact.
Controls and mitigations
-- Strategic account management
-- Revised group-wide Sales & Bid process rolled
out
-- Centralisation and standardisation of pricing
models
-- Executive management bid committee approval
for complex bids
-- New Sales and CRM teams in place
-- Development of Connected Workspace and capability
in professional services
-- Use of specialist mobilisation teams for complex
contracts
-- Detailed contracting guidelines developed
and rolled out
-- Revised and reissued delegated authorities
register
-- Risk registers in place for large-scale contracts
-- KPI/SLA formal reviews with customers
-- Improved CRM capabilities with active relationship
management
-- Focus on Net Promoter Score
Future plans
-- Ongoing review to redefine and optimise the
way we use our CRM tool (SalesForce), to ensure
best practice is shared across all client
teams
-- Introducing new Sales Academy
Risk number: 2
Uncertainties in the economic, political and regulatory
landscape which may have a negative impact on the demand for our
services and our access to resources
Impacts on:
1 Customer
2 Cost
3 People
4 Technology
The performance of our business may be affected by general
economic conditions and other financial and political factors
outside its control. A downturn in the economic cycle usually
results in decreased project work and discretionary spend by
customers, which can lead to a fall in our financial
performance.
Mitie drives most of its revenue from a client base in the UK,
with limited exposure to the wider global economy. We continue to
monitor the results of negotiations resulting from the decision of
the UK to exit the European Union, commonly referred to as
'Brexit'. This may result in changes to the regulatory framework in
which we operate, and could place restrictions on the mobility of
individuals and hence availability of resources.
We need to be able to respond to variations in particular
sectors by providing service solutions that are competitive and
profitable. Our diverse business portfolio also helps provide
resilience to economic uncertainty.
Controls and mitigations
-- Mix of long-term contract portfolio in both
the public and private sectors
-- Development of professional services, Connected
Workspace and new and innovative solutions
-- Focus on higher margin growth opportunities
-- Regular reviews of the sales pipeline
-- Increasing spread of client base, reducing
reliance on individual customers
-- Strategic account management
-- Project Helix transformation programme
Future plans
-- Continue to develop Connected Workspace technology
platform to provide next generation FM services
that increase customer stickiness, improve
win rates, increase retention and provide
opportunities for higher margins
-- Significant increase in our customer retention
focus through better understanding customer
needs (NPS), improving operational efficiency
and developing expertise and capability within
our commercial function
-- Build a customer focus, demand led marketing
and communication programme to better engage
our customers
Risk number: 3
Poor sentiment towards the outsourcing sector could lead to
fewer opportunities, increased scrutiny and an adverse effect on
our reputation
Impacts on:
1 Customer
4 Technology
Mitie's reputation may be affected by the activities and results
of other companies operating in our sector, as well as any negative
publicity for our business. This has been particularly heightened
since the liquidation of Carillion plc in January 2018. This has
resulted in increased scrutiny of companies in the outsourced
facilities management sector, regarding their financial health,
operational performance and long-term prospects. In addition, it
has increased debate, predominantly in the public sector, about the
benefits and viability of outsourced contracts. We also operate a
number of government contracts which attract very high levels of
media scrutiny, for example immigration
removal centres.
If we are unable to demonstrate our ability to deliver the
obligations in our existing contracts and financial performance in
line with market expectations, we may be unable to retain existing
clients or secure new contracts. In addition, any negative
publicity in respect of our performance on public-sector contracts
may have a negative impact on our financial performance and
reputation.
Controls and mitigations
-- Regular engagement with both public and private
sector clients
-- Strategic account management and increased
cross selling to current customers
-- Project Helix transformation programme
-- Long-term contract portfolio and spread of
client base
-- Strong relationships with financial institutions
-- Regular financial performance and balance
sheet reviews
Future plans
-- Continue to source Connected Workspace technology
platform to provide next generation FM services
that increase customer stickiness, improve
win rates, increase retention and provide
opportunities for higher margins
-- Significantly increase our customer retention
focus through better understanding customer
needs (NPS), improving operational efficiency
and developing expertise and capability within
our commercial function
-- Build a customer focus, demand led marketing
and communication programme to better engage
our customers
Risk number: 4
Failure to deliver our transformation programme leading to lower
benefits than anticipated, higher costs and weaknesses in
operational processes
Impacts on:
1 Customer
2 Cost
3 People
4 Technology
To ensure that we develop and grow our business in line with the
new operating model, our transformation programme (Project Helix)
has been running throughout the year. The programme contains
multiple projects designed to improve and optimise business
processes, controls and operating structures, with major projects
in areas such as Finance, IT, HR and our Engineering Services
division.
The changes being introduced are vital to the future success of
the business, and failure to adequately manage the programme of
work, identify and manage interdependencies, develop appropriate
solutions and implement the changes and ensure they are
sustainable, could severely limit the pace at which these changes
are delivered. Additionally, the investment required to implement
the projects needs to be closely monitored, to ensure we deliver
the expected operational and financial benefits and savings in
overheads.
Controls and mitigations
-- Board and Executive Leadership Team (ELT)
sponsorship and regular monitoring of the
transformation programme
-- Highly experienced programme managers brought
in to establish an overall programme management
office, with effective governance, controls,
monitoring mechanisms and reporting. This
ensures regular oversight with clear visibility
of progress and early warning of any challenges.
-- Experienced individuals within the business
dedicated to the individual projects to allow
focus on the transformational activity
-- Regular communication of progress and awareness
of the impact of changes being introduced
to minimise business disruption
-- Dedicated risk management and assurance procedures
within the programme to ensure internal controls
are operating effectively
Future plans
-- Develop a training programme for change management
to build and enhance internal capability
-- Create a permanent Enterprise PMO capability
to govern, manage and control all change management
activities post-Transformation
Operational risks
Risk number: 5
Failure to maintain appropriate controls in and availability of
critical IT systems leading to major contract delivery issues
Impacts on:
1 Customer
2 Cost
4 Technology
Technology is becoming increasingly critical to the success of
our business in meeting customers' expectations. This is
particularly important where we are responsible for looking after
data and critical infrastructure on their behalf, and any failure
could not only impact our ability to operate, but also the
customers' business.
We are continuing to increase the use of technology with
customers, especially as we develop our Connected Workspace
offering, and need to ensure we have effective controls and
monitoring in place.
In addition, we are seeking to automate processes and improve
systems across our business to improve efficiency and control. A
number of these initiatives are being delivered through our
transformation programme (Project Helix); a key system change
already delivered is a work management system in our Cleaning &
Specialist Services division (also utilised by our Security
division). Other significant planned changes include the
implementation of improved HR solutions and a planning and
scheduling solution for Engineering Services.
Investment in technology is critical to delivering on our
contract obligations and to delivering operational improvements. As
our dependency on IT solutions increases, we will need to continue
to invest to minimise system failures and have adequate business
continuity and disaster recovery plans.
Controls and mitigations
-- Standardisation and rationalisation of operational
and ERP systems and infrastructure
-- Recruitment of highly skilled IT professionals
who are familiar with the new technologies
and can use these to de-risk the current estate
-- Improved cyber and operational controls for
existing systems and included in all new system
developments
-- Development and testing of effective business
continuity and disaster recovery plans
-- Investment strategy and support for technology
development
Future plans
-- The proposed outsource of routine IT operations
to a partner organisation which has the scale
and depth of skills to run this more effectively
and with lower risk
-- The continued migration from the legacy estate
to leverage new technologies, such as AI,
big data, API management, open systems etc
to improve scalability, performance and resilience
Risk number: 6
Inadequate controls over confidential and customer data and/or
failure to comply with data protection legislation could lead to
reduced confidence in our abilities to protect data and fines from
regulators
Impacts on:
1 Customer
4 Technology
There has been an increase in the regulations and penalties for
failing to adequately secure the data we hold regarding our
customers, suppliers, employees and others. As with all
organisations we face increased risk of cyber-attacks, malware and
internal breaches, which could affect our operational performance
and cause damage to our reputation. It is important that we
maintain adequate security controls to prevent the loss or theft of
data we hold.
In particular, we have a programme of work and dedicated team in
place to ensure we are compliant with the General Data Protection
Regulation (GDPR), which came into force in May 2018.
Information is an important asset for the business and needs to
be protected at all times from disclosure or misuse. We handle
information in many forms and have formal secure technical and
procedural controls in place to mitigate risks to the
information. The secure processing, maintenance and transmission of
sensitive and confidential data is achieved through the integrity,
confidentiality and availability of our systems. Appropriately
applied information security helps to ensure business continuity
and minimise disruption by preventing or minimising the impact of
security breaches. Failure to do this would raise questions about
how we handle information with care, reduce confidence in our
abilities and potentially expose us to significant fines from
regulators.
Controls and mitigations
-- Centralised information security team in place
and experienced new Chief Data and Security
Officer recruited
-- Information Security Management System (ISMS)
in place and certified to ISO/IEC27001:2013
for key information assets
-- IT security controls in place to proactively
test, monitor, identify and respond to cyber
threats
-- Cyber Essentials accreditation
-- Cyber insurance policy
-- Ongoing Security Awareness For Everyone (SAFE)
programme
-- Information security considered for all new
critical activities and products
Future plans
-- Adoption of new, and optimisation of existing,
security functionality to respond to the evolving
cyber threat landscape.
-- Further embedding the principles and procedures
of Privacy by Design into core BAU activities
-- Transition of legacy email gateway functionality
into the strategic toolset
-- Implementation of Single Sign-On (SSO), delivering
security and end-user experience benefits
-- Redesign of Joiners-Movers-Leavers controls
in line with new HR transformation activities
and toolsets
Risk number: 7
Failure to adhere to sufficiently high standards in health,
safety and environmental management resulting in harm to our
employees, fines and damage to our reputation
Impacts on:
1 Customer
3 People
The nature of the services we perform for our clients means that
there is potential for our employees, our partners and members of
the public to be exposed to health and safety risks, and for
environmental damage. It is essential that we maintain very high
health, safety and environmental (HS&E) standards to manage
these risks.
We are completely committed to ensuring our people operate in
safe conditions, hard is not caused to others who may be affected
by our activities and prevention of damage to the environment.
Effective management of these risks is essential to the success of
our business. Failure to do so could lead to significant harm to
individuals and the environment and result in prosecution, action
by regulators, fines and substantial damage to our reputation.
Controls and mitigations
-- A professional and skilled HS&E team
-- New Director of QHSE appointed and revised
operational model introduced with clear roles
and responsibilities
-- Regular training and communication delivered
at appropriate levels throughout the company
-- Improvements in incident recording, monitoring
and reporting
-- Certified HS&E management systems to OHSAS
18001 and ISO14001
-- Clear and standardised KPIs introduced to
monitor progress and improvements
-- HS&E performance reviews conducted at divisional
and Board meetings
Future plans
-- Implementation of QHSE Culture program (LiveSafe)
specifically designed to develop QHSE cultural
maturity across the organisation
-- Implementation of systems and processes which
ensure effective sharing of QHSE learnings
across the organisation and industry
Risk number: 8
Inability of our business to attract and retain sufficient
talented resources with a resultant detrimental effect on our
operational and financial performance
Impacts on:
1 Customer
3 People
To achieve our objectives and operate successfully we must
attract, develop, motivate and retain talented individuals. If we
fail to maintain a skilful workforce there will be an adverse
impact on our operational and financial performance, and customer
satisfaction.
It is important to have a variety of views and experience within
the business and to attract specific technical expertise to enhance
our customer offering. It is also essential that we develop and
support the current and future leaders in our business. This will
help ensure we have the right culture in the business to maintain
high standards of working and an effective system of governance and
control.
Controls and mitigations
-- Launch of Vision and Values
-- Updated and improved training portal developed
and deployed during the year
-- Competitive remuneration, terms and conditions
-- Personal development plans related to annual
performance appraisals
-- Succession planning and talent management
-- Regular employee communications and offers
Future plans
-- Partnership with 3aaa developed to utilise
the Apprenticeship Levy to build capability
and attract talent
-- Implementation of employee and manager self-serve
technology to enhance employee experience
-- Digital learning suite to be rolled out
-- Action planning from engagement survey results
-- Creation of resourcing centre of excellence
to enhance candidate experience
Financial risks
Risk number: 9
Inability to maintain access to sources of funding due to
concerns over our financial strength could have a significant
impact on our performance and client relationships
Impacts on:
1 Customer
4 Technology
It is important that we maintain a range of suitable sources of
finance, including banking facilities, private placements and
supply chain funding, in order to maintain a strong liquidity
position. Failure to do so would restrict our ability to grow
either organically or through acquisition, and affect our ability
to meet our financial commitments. We need sufficient funds to be
available to pay our suppliers, invest in our business and, most
importantly, pay our staff on time, as this is our most
significant cost.
We continue to pursue initiatives to improve our financial
position and given the concern about the viability of companies
operating in our sector, we need to continue to demonstrate good
financial discipline to maintain access to appropriate sources of
funding.
Controls and mitigations
-- Maintenance of strong banking, debt and equity
relationships
-- Committed long-term funding facilities
-- Focus on appropriate payment terms with customers
and supply chain
-- Strong focus on and monitoring of cash collection
-- Daily monitoring of bank balances
-- Regular forecasting of cash flow
-- Regular financial performance and balance
sheet reviews - which have been enhanced during
the year
-- Regular monitoring of working capital
-- Policy on provisions
Future plans
-- Streamline our order to cash process
-- Introduce incentives linked to cash collection
Risk number: 10
Failure of a significant counterparty (e.g. supplier, banker) to
deliver contractual requirements resulting in financial penalties
and reputational damage
Impacts on:
1 Customer
To meet our contractual commitments and succeed as a business,
we are reliant on our ability to manage our relationships with
third parties including insurers, suppliers and banks. Poor
performance or failure of one of these counterparties could have a
significant impact on our operational and financial performance,
and damage our reputation and client relationships.
It is important that we maintain effective ongoing relationships
with our significant counterparties and monitor their performance,
and develop contingency plans as necessary.
Controls and mitigations
-- Ongoing credit monitoring of significant counterparties
-- Annual material counterparty risk reviews
and Board approval
-- Regular contact with external financial and
commercial markets
-- Business continuity plans developed
-- Maintenance of sufficient committed debt facilities
to minimise the impact of any adverse financial
conditions caused by counterparty failure
Future plans
-- Exercise continued vigilance in monitoring
and managing key counterparty relationships
Regulatory risk
Risk number: 11
Non-compliance with emerging legal and regulatory frameworks
leading to fines, prosecutions and damage to our reputation
Impacts on:
1 Customer
3 People
The Group is subject to a wide variety of laws and regulations.
These include employment, and anti-bribery and corruption laws,
National Minimum Wage and the Apprenticeship Levy. Failure to
comply with applicable legal and regulatory frameworks may result
in significant fines, prosecutions, debarment from public sector
contracts and revocation of licences, as well as damage to our
reputation. This could harm our prospects of winning future bids
and retaining
existing customers.
It is important that we maintain strong governance and oversight
to ensure we continue to comply with legal and regulatory
frameworks and that we respond to any changes that are introduced.
It is also necessary to communicate the requirements to our
employees to ensure they are fully aware and can demonstrate
compliance.
Controls and mitigations
-- Group functions (including Company Secretariat,
QHSE, Finance, Legal and HR) monitor requirements
and assess the impact on the Group
-- Training and awareness is provided to employees
for changes in laws and regulations
-- Ongoing compliance monitoring is undertaken
and management is required to confirm compliance
-- Management oversight by Group and divisional
leadership teams
-- External experts consulted for specialist
advice
-- Code of conduct maintained and deployed to
employees
-- External regulatory audits
-- Whistleblowing service launched and externally
hosted
-- Tax reporting framework in place to ensure
compliance with the Senior Accounting Officer
rules
-- Group-wide policies and processes maintained
in the Business Management System (BMS)
Future plans
-- Revised Group risk governance architecture
will be rolled out during 2018
-- Digital learning suite to be rolled out
-- Recruitment of additional subject matter experts
to Group functions
-- Ongoing review of BMS to update policies and
process
Statement of Directors' responsibilities in respect of the
Annual Report, the remuneration report and the financial
statements
The following statement is extracted from page 116 of the Annual
Report and Accounts and is repeated here for the purposes of
Disclosure and Transparency Rule 6.3.5 to comply with Disclosure
and Transparency Rule 6.3. This statement relates solely to the
Annual Report and Accounts and is not connected to the extracted
information set out in this announcement or the Preliminary
Announcement:
The Directors are responsible for preparing the Annual Report
and the financial statements in accordance with applicable law and
regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
are required to prepare the Group financial statements in
accordance with International Financial Reporting Standards (IFRSs)
as adopted by the European Union and applicable law and have
elected to prepare the Parent Company financial statements in
accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards and applicable law)
including FRS 101 Reduced Disclosure Framework. Under company law
the Directors must not approve the financial statements unless they
are satisfied that they give a true and fair view of the state of
affairs of the Group and Parent Company and of the profit or loss
for the Group for that period.
In preparing these financial statements, the Directors are
required to:
-- select suitable accounting policies and then
apply them consistently;
-- make judgements and accounting estimates that
are reasonable and prudent;
-- for the Group financial statements state whether
they have been prepared in accordance with
IFRSs as adopted by the European Union, subject
to any material departures disclosed and explained
in the financial statements;
-- for the Parent Company financial statements,
state whether applicable UK Accounting Standards
have been followed, subject to any material
departures disclosed and explained in the
Parent Company financial statements;
-- prepare the financial statements on the going
concern basis unless it is inappropriate to
presume that the Group or Parent Company will
continue in business;
-- prepare a Directors' report, a strategic report
and Directors' remuneration report which comply
with the requirements of the Companies Act
2006.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Parent
Company's transactions and disclose with reasonable accuracy at any
time the financial position of the Parent Company and enable them
to ensure that the financial statements comply with the Companies
Act 2006 and, as regards the Group financial statements, Article 4
of the IAS Regulation. They are also responsible for safeguarding
the assets of the Parent Company and hence for taking reasonable
steps for the prevention and detection of fraud and other
irregularities. The Directors are responsible for ensuring that the
annual report and accounts, taken as a whole, are fair, balanced,
and understandable and provide the information necessary for
shareholders to assess the Group's performance, business model and
strategy.
Website publication
The Directors are responsible for ensuring the annual report and
the financial statements are made available on a website. Financial
statements are published on the Parent Company's website in
accordance with legislation in the United Kingdom governing the
preparation and dissemination of financial statements, which may
vary from legislation in other jurisdictions. The maintenance and
integrity of the Company's website is the responsibility of the
Directors. The Directors' responsibility also extends to the
ongoing integrity of the financial statements contained
therein.
Directors' responsibilities pursuant to DTR4.1
The Directors confirm to the best of their knowledge:
-- the Group financial statements have been prepared
in accordance with International Financial
Reporting Standards (IFRSs) as adopted by
the European Union and Article 4 of the IAS
Regulation and give a true and fair view of
the assets, liabilities, financial position
and profit and loss of the Group; and
-- the annual report includes a fair review of
the development and performance of the business
and the financial position of the Group and
the Parent Company, together with a description
of the principal risks and uncertainties that
they face.
Related party transactions
The following extract from the Annual Report and Accounts refers
to related party transactions as set out in Note 38:
Transactions between the Company and its subsidiaries, which are
related parties, have been eliminated on consolidation and are not
disclosed in this Note.
During the year, the Group derived GBP0.8m (2017: GBP0.2m) of
revenue from contracts with joint ventures and associated
undertakings and received GBP0.6m (2017: GBP0.6m) of dividends. At
31 March 2018 trade and other receivables of GBP0.2m (2017: GBPnil)
were outstanding and loans to joint ventures and associates of
GBPnil (2017: GBPnil) were included in financing assets.
Mitie Group plc has a related party relationship with the Mitie
Foundation, a charitable company. During the year, the Group made
donations and gifts in kind of GBP0.3m (2017: GBP0.3m) to the
Foundation. At 31 March 2018 GBPnil (2017: GBPnil) was due to the
Foundation and the Foundation had GBPnil (2017: GBPnil) held within
creditors as an amount owed to Mitie Group plc.
No material contract or arrangement has been entered into during
the year, nor existed at the end of the year, in which a Director
had a material interest.
The Group's key management personnel include the Executive
Directors, Non-Executive Directors and the Executive Leadership
team. Details of the Directors' remuneration is included in Note 7.
The underlying remuneration for other key management personnel,
including the share-based payments charge is GBP5.6m (2017:
GBP4.1m).
In the Annual Report and Accounts for the year ended 31 March
2017, the Company noted that, as a consequence of prior year
adjustments to the accounts for the financial year ended 31 March
2016, the Remuneration Committee would determine what rights might
be available to the Company to recover the bonus and other awards
made to each of Ruby McGregor-Smith and Suzanne Baxter in respect
of FY16. The matters which gave rise to the prior year adjustments
are now the subject to the on-going investigation by the Financial
Conduct Authority (the "FCA"), which the Company disclosed in its
announcement on 29 August 2017. In that announcement, the Company
reported that the FCA had commenced an investigation in connection
with the timeliness of a profit warning announced by the Company on
19 September 2016 and the manner of preparation and content of the
Company's financial information, position and results for the
period ending 31 March 2016. The Company has been advised by its
external lawyers that as any claim against Ruby McGregor-Smith and
Suzanne Baxter would cover the same matters, facts and
circumstances which are the subject of the FCA investigation, any
formal steps to recover bonuses or other awards should be deferred
until after the FCA have reached their findings. It is currently
anticipated that the FCA will conclude its investigation during the
course of FY19.
Details of transactions with Mitie Group plc Pension Scheme, and
other smaller pension schemes, are given in Note 37.
-Ends-
For further information, contact:
Tori Cowley
Group Director of Corporate Affairs & Investor Relations
T: +44 (0) 203 M: +44 (0) 781 E: tori.cowley@mitie.com
123 8705 852 8110
Peter Dickinson
General Counsel and Company Secretary
T: +44 (0) 203 M: +44 (0)776 E: peter.dickinson@mitie.com
123 8157 821 5013
Notes for editors
About Mitie Group
Founded in 1987, Mitie is the UK's leading facilities management
and professional services company. We offer a range of specialist
services including Security, Engineering Services, Catering,
Cleaning, Pest Control, Landscaping, Energy and Property
Consultancy, Property Maintenance, and Custody Support
Services.
Mitie employs 53,000 people across the country, looking after a
large, diverse, blue-chip customer base, from banks and retailers,
to hospitals, schools and government offices. We take care of our
customers' people and buildings, by delivering the basics
brilliantly and by deploying advanced technology. We are pioneers
in the Connected Workspace, using smart analytics to provide
valuable insight and deliver efficiencies to create outstanding
work environments for customers.
Find out more at www.mitie.com
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END
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