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Prices & Quotes - UK Markets - Mitie Group (MTO)

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Share Price:
Up 64.50p
Change Today:
0.50p
Market Cap:
915.52m
Sector:
Support Services

Mitie holds back guidance after first-half profit drop

By Sean Farrell

Date: Thursday 19 Nov 2020

LONDON (ShareCast) - (Sharecast News) - Mitie failed to provide financial guidance for the year as the facilities management company reported a 44% drop in first-half profit.
Pretax profit before other items fell to 14m in the six months to the end of September from 24.9m a year earlier as revenue fell 9.8% to 972.4m. Pretax profit including other items fell to 2.1m from 14.6m.

Mitie paid no dividend for the first half and said it would consider restarting payouts at the end of the year but only if trading improves materially in the second half.

The Covid-19 crisis has hit Mitie's business as customers such as aviation and financial services businesses have cut variable works and projects. The company said performance in the second quarter was better than expected with improved trading in the second quarter.

Mitie said office occupancy would stay suppressed for the rest of the financial year and that aviation and transport would recover slowly, limiting discretionary spending. Public sector business is expected to hold up well, the company said. Though companies will cut back their office space, spending per office on Mitie's services is likely to increase, it said.

"Due to the ongoing uncertainties of the impact of Covid-19 on the business, Mitie will not be providing guidance for the year ending 31 March 2021 at this time," the company said.

Mitie shares fell 5.3% to 39.2p at 10:31 GMT.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Mitie Group Market Data

Currency UK Pounds
Price 64.50p
Change Today 0.50p
52 Week High 66.80p
52 Week Low 27.25p
Volume 1,270,060
Shares Issued 1,419.41m
Market Cap 915.52m
Beta 0.04

Performance Indicators

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What The Brokers Say

Strong Buy 4
Buy 1
Neutral 1
Sell 0
Strong Sell 0
Total 6
strong_buy
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Mitie Group Dividends

  Latest Previous
  Interim Final
Ex-Div 19-Dec-19 27-Jun-19
Paid 04-Feb-20 09-Aug-19
Amount 1.33p 2.67p

Trades for 16-Apr-2021

Time Volume / Share Price
16:45 845 @ 64.30p
16:45 845 @ 64.30p
16:35 548,688 @ 64.50p
16:29 34 @ 64.40p
16:29 414 @ 64.40p

Mitie Group Key Personnel

CEO Phillip Bentley