MITIE Group PLC (LSE:MTO)
£ 1.176 -0.018 (-1.51%) Market Cap: 1.50 Bil Enterprise Value: 1.26 Bil PE Ratio: 13.12 PB Ratio: 3.39 GF Score: 68/100

Half Year 2023 Mitie Group PLC Earnings Call Transcript

Nov 17, 2022 / 09:30AM GMT
Phil Bentley
Mitie Group plc - CEO & Executive Director

Okay. Good morning, everybody. Thank you for make it to the short on a wet and windy morning. Welcome to our interim results presentation for FY '23. On the cover here, you see a little bit of a sneak preview of our new employee value proposition, which we launched this week, and we're introducing the real stars of Mitie, the frontline heroes, who're going to be the face of our campaign. I'll talk about that a little bit in a second.

But, first, as usual, I'll start with the highlights of the first 6 months before passing over to Simon and then I'll return to discuss our strategic progress.

H1 revenue was GBP 1.9 billion, and the strong start we saw in Q1 has continued in Q2. Remarkably, we've replaced all of last year's COVID revenues through new contract wins, growth from acquisitions and through pricing. H1 operating profit also came in stronger than we had expected at GBP 68 million from improved trading performance, cost efficiencies and good inflation management.

H1 new contract wins, renewals and project

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