TIDMMTO
RNS Number : 0119J
MITIE Group PLC
23 June 2017
23 June 2017
Mitie Group plc
Mitie Group plc (the "Company") - Annual Financial Report
Following the release on 12 June 2017 of the Company's
preliminary results for the year ended 31 March 2017 (the
'Preliminary Announcement'), the Company announces that it has
published its Annual Report and Accounts for 2017 (the 'Annual
Report and Accounts').
The Company's 2017 Annual General Meeting will be held at UBS, 5
Broadgate, London, EC2M 2QS on 26 July 2017 at 11.30am.
Copies of the Annual Report and Accounts and the Notice of the
Annual General Meeting for 2017 (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 its Annual Report and Accounts 2017. 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 12 June 2017. 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 2017 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
Poor contract negotiations, mobilisation and management leading
to poor contractual terms/inappropriate risk transfer, operational
and financial loss
Impact on our objectives
1 Putting customers at the heart of our business
2 Transforming our cost base
Our value proposition is to deliver support services to our
customers at a lower cost and higher quality than they can provide
themselves. Critical to this is our ability to bid, mobilise and
deliver large--scale, complex contracts competitively. We have to
negotiate and agree contracts with our customers that balance risk
and reward, with contractual requirements that are fair, having
appropriate contract performance mechanisms to ensure that this is
achieved. Incorrectly evaluating the risks involved and entering
into contracts with onerous conditions, penalties and one-sided
termination clauses would be detrimental to the Group's
performance. We have to ensure that the risk profile of contracted
services is capable of being properly managed by Mitie and that we
have the appropriate skills and resources in the business or in our
supply chain to operate contracts successfully. Failure to do so
could result in contract termination, penalties and reputational
damage.
Failure to properly mobilise a contract creates a high risk of
not meeting the performance and financial profile expected. Having
a dedicated resource to deal with the mobilisation and the transfer
of people to Mitie under TUPE (Transfer of Undertakings and
Protection of Employment) is necessary to mitigate that risk.
In FY17 we have conducted reviews into all of our material
contracts to assess whether they are operating in accordance with
the contractual conditions and are meeting financial performance
expectations. The accounting methodology, judgements and
assumptions made were also considered. This review has been
supported by KPMG as part of their review. As a result of this
review a number of adjustments and provisions have been made which
are detailed on page 26. The adjustments and provisions made were
based on management's best judgement at the time of the review.
We have performed a review of sales and tender approval
processes, the procedures for agreeing commercial contract terms
and the mobilisation and management of contracts. These will all be
updated over the course of FY18 and management reporting will be
enhanced to provide greater control over contract performance.
Management mechanisms
-- Executive management approval of complex tenders
-- Commercial review by legal team
-- Delegated authority register
-- Client relationship programme
-- Use of specialist mobilisation teams for complex
contracts
-- KPI/SLA formal reviews with customers
-- Risk registers in place for large-scale contracts
-- Certified quality management systems to ISO 9001
Future plans
-- Continue to standardise our processes across Mitie, with
regard to the sales process, tender approvals and commercial and
legal reviews, mobilisation and contract management as well as
embedding risk management accountability and responsibility for our
complex contracts.
Risk number: 2
Continuing uncertainty of company performance and resourcing
requirements through changes (positive and negative) to economic
conditions
Impact on our objectives
1 Putting customers at the heart of our business
2 Transforming our cost base
3 Developing and retaining our talent
4 Developing our technology-led professional services
The success of Mitie is dependent upon both our private and
public sector clients continuing to outsource the services that we
provide. This will continue as long as we are able to deliver
quality services that save our customers money during all phases of
the economic cycle. Company performance is impacted by changes in
economic conditions largely through the volume of project works and
discretionary expenditure from our customers. High levels of work
improve company performance and demand for resources, with the
opposite for low levels.
Our principal macro-economic exposure remains in the UK, with
limited exposure to the wider global economy. We are closely
monitoring the outcomes of the EU exit negotiations and any
resulting policy changes to determine the impact on future contract
opportunities and availability of resources. Regulatory changes
such as increases to the National Living Wage and other labour
costs, such as the Apprenticeship Levy, provide further
challenge.
The UK economy is going through a period of uncertainty, with
lower than average growth levels and increasing costs of materials
due to the devaluation of the pound. How we recognise and respond
to variations in particular sectors by designing service solutions
that reduce costs for our customers may impact the Group's ability
to win or retain contracts.
Resilience is provided by our diverse business portfolio with
customers having varying demands on our resources depending on how
they are impacted by the economic cycle.
Management mechanisms
-- Maintaining mix of long-term contract portfolio in both the
public and private sector
-- Focus on higher margin growth areas
-- Increasing spread of client base, reducing reliance on
individual customers
-- Customer retention programme
-- Development of Connected Workspace solutions
-- Employee engagement programme
-- Frequent sales pipeline review
-- Targeted and considered acquisition/divestment strategy
Future plans
-- Our strategic review, focus on our cost base and the
continuation of our strategy of diversification across cyclical
markets will support Mitie's resilience to these external
factors
Risk number: 3
Inability to maintain a competitive market offering
Impact on our objectives
1 Putting customers at the heart of our business
2 Transforming our cost base
4 Developing our technology-led professional services
Our changing environment requires us to have a clear and
appropriate market offering, which provides a competitive advantage
and is attractive to our customers. We recognise that cost and
margin pressure is an ever present factor in our industry. This
creates an imperative to have a low cost base and a differentiated
customer proposition.
Failure to maintain a compelling and competitive offering will
lead to revenue declines and margin reductions. The strategic
review has identified four key areas of focus for Mitie's
customers, costs, people and technology. Putting our customers at
the heart of our business, increasing the use of technology to
provide insights into managing our clients' workspaces more
efficiently, reducing our cost base and making Mitie the easiest
company to do business with will help to ensure a competitive and
attractive market proposition. Failure to achieve those two things
would impact Mitie's ability to retain its clients and to secure
new contracts, impacting future financial performance. Our new
Connected Workspace strategy is key to improving our competitive
position.
Management mechanisms
-- Project Helix transformation programme
-- Enhanced capability within Professional Services
-- Development of Connected Workspace solutions
-- Strategic concentration on UK
-- Executive approval for investment in new sectors/
infrastructure/technologies
-- Strategic account management
-- Continued pursuit of innovation and best practice
Future plans
-- A strategic review of technological opportunities in our
markets to develop new technology-led offers for our customers
-- Additional sales and marketing capability.
Risk number: 4
Failure in delivery of our significant change agenda
Impact on our objectives
1 Putting customers at the heart of our business
2 Transforming our cost base
3 Developing and retaining our talent
4 Developing our technology-led professional services
We recognise the challenging environment we are operating in
today and are responding to this with a transformation programme
(Project Helix) to ensure sustainable changes are made to support
our new operating model. We are implementing a number of
transformational projects, such as business operational efficiency
and transformations in our Finance, IT, Procurement and HR.
The intensity and volume of the change programmes, the complex
interdependencies, poor programme and solution design, poor
implementation or failing to make these changes permanent and
sustainable could impact on the delivery of the change agenda.
Constraints on our ability to invest may impact on the resources
needed to deliver the transformational programmes which could delay
or prevent some of them and place our positive return on investment
at risk.
Management mechanisms
-- Executive sponsorship of the transformation programme
-- Programme management, design and governance, supported by an
experienced third party, to support and shape our transformation
programme and to establish effective governance with clear roles
and responsibilities across the programme. This will enable us to
have effective supervision, decision making and the necessary
controls and management
-- Appointing both internal and external people with the right
technical and change management skills to drive our
transformational projects
-- Communication and awareness programmes to ensure our people
are engaged and ready for business change
-- Focused business assurance activities to ensure we maintain
adequate controls
Future plans
-- Ongoing oversight for each of the transformation streams by
the Executive Leadership Team
-- Managing delivery of our transformation to minimise
disruption to the business.
Operational risks
Risk number: 5
Failure of critical IT infrastructure leading to performance and
back office support issues
Impact on our objectives
1 Putting customers at the heart of our business
2 Transforming our cost base
4 Developing our technology-led professional services
Our operations are increasingly dependent upon technology with a
significant increase in both the quantity of data we hold and the
number of pieces of critical infrastructure we look after on behalf
of our customers. Failure of our IT systems would impact our
ability to operate and in some cases our customers' ability to
operate.
Depending on its severity an IT failure may also impact our
ability to pay our people, our supply chain partners and to submit
invoices to our customers. This could have a significant impact on
the business.
We continue to expand on the use of technology for our customers
and with this we have an increased reliance on systems and controls
throughout the business.
Our clients expect greater connectivity of FM services and with
that there is an increased requirement on Mitie to provide services
data, with performance measurement increasingly dependent on
technological solutions.
Failure to invest in the right technology could impact on our
potential to provide the operational support needed to enable our
contract delivery.
Management mechanisms
-- Investment strategy and support for technology
development
-- Budgetary control and oversight over IT investments
-- Standardisation of operational and ERP platforms and
software
-- Expert consultancy advice sought to support new contract and
systems requirements
-- Internal teams of experts trained to support new systems
Future plans
-- Ongoing monitoring of investment strategy for technical
solutions
-- Sharing of learning across both customer facing and internal
technology investments
Risk number: 6
Cyber risk and/or customer data theft and compliance with data
protection regulations
Impact on our objectives
1 Putting customers at the heart of our business
4 Developing our technology-led professional services
Organisations of all types are at an increased risk of
cyber--attacks, hacking and ransomware. This has the potential to
affect our ability to operate and could damage our reputation.
There is also the risk of reputational damage and financial
penalties for failing to adequately protect the data we hold for
our customers, end-users, suppliers and our own people. 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 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, and reduce confidence in our
abilities.
Data protection regulations are undergoing a transformation with
the introduction of the General Data Protection Regulation (GDPR)
and we have launched our preparation activities to be ready by the
enforcement date in May 2018.
Failure to implement and maintain suitable security controls
will have an adverse effect on the confidentiality, integrity and
availability of both our and our customers' information.
Management mechanisms
-- Centralised information security team in place
-- Information Security Management System (ISMS) in place and
certified to ISO/IEC27001:2013 for key information assets
-- IT security controls (including resources, tools and
processes) to proactively test, monitor, identify and respond to
cyber threats
-- Cyber essentials accreditation
-- Ongoing Security Awareness For Everyone (SAFE) programme
-- Cyber insurance policy
Future plans
-- Reviewing and revising data protection methodologies and
procedures in line with the General Data Protection Regulation
-- Continuing development of technical security controls and
capabilities
-- Information security a consideration for all new activities
and products.
Risk number: 7
Inability to maintain high health, safety and environmental
management standards
Impact on our objectives
1 Putting customers at the heart of our business
3 Developing and retaining our talent
We undertake a broad and diverse range of services for our
customers, some of which are potentially hazardous and have the
potential to cause harm to our employees, our business partners or
members of the public, or to damage the environment. Failure to
maintain high health, safety and environmental (HS&E) standards
may cause death, disability or injury or cause environmental
damage. Failure could also lead to regulatory action, financial
impact or damage to our reputation.
We maintain an unwavering commitment to safeguarding our people,
others who potentially could be affected by our activities, and
protecting the environment wherever we operate.
Management mechanisms
-- Work Safe Home Safe programme
-- Certified HS&E management systems to OHSAS 18001 and ISO
14001
-- Operations supported by professional HS&E teams
-- HS&E performance reviews at all business and Board
meetings
-- Best practice sharing at HS&E performance meetings
-- Legal registers in place together with biannual evaluation of
compliance to legal requirements
Future plans
-- Enhancing Work Safe Home Safe programme
-- Certification of businesses remaining outside of group
umbrella certification to the QHSE (9001, 18001 and 14001)
standards
-- Developing clear and standardised KPIs to monitor progress
and improvements
-- Reviewing our operating model for the delivery of HS&E
services and making changes to ensure that it is fit for
purpose.
Risk number: 8
Termination or loss at re-bid of a major contract
Impact on our objectives
1 Putting customers at the heart of our business
2 Transforming our cost base
4 Developing our technology-led professional services
We have a number of large integrated contracts and major service
specific contracts, and the risk of termination or loss at re-bid
could affect our financial performance and impact our reputation in
the market, reducing the number of reference sites. We recognise
that termination or loss could be a result of external factors
outside our control, such as a change in the strategic priorities
of our private sector and government customers. However, we can
mitigate the risks by ensuring we have the right business
propositions, supported by the right people and the right
technology.
Management mechanisms
-- Improved CRM capabilities with active relationship
management
-- Strategic account management teams
-- Net Promoter Score
-- Professional services & Connected Workspace solutions
-- Innovations and best practice
Future plans
-- Developing process for exiting contracts successfully
-- Launch of 'Beyond FM' putting customers at the heart of the
business, with a focus on improving customer satisfaction.
Risk number: 9
Inability to attract or retain the right talent in the right
place impacting performance capability
Impact on our objectives
1 Putting customers at the heart of our business
3 Developing and retaining our talent
Failure to retain our existing talent and attract new talent
will result in the business being uncompetitive in the market and
impact customer satisfaction and financial performance. We must
continue to retain our most skilled people at all levels of the
organisation, as well as attracting new people to join us,
especially during periods of change. We recognise the need to have
access to a diverse range of views and experience and to attract
specific technical expertise where the market is highly
competitive.
Failure to identify and recruit the right talent, and motivate
our people could lead to sub-optimal decision making and poor
business performance.
Failure to have the right culture in the business with weak
controls, a lack of checks and balances and management processes
could lead to contract management and accounting errors.
Management mechanisms
-- Succession planning and talent management
-- Competitive remuneration, terms and conditions
-- Talent management and personal development plans related to
annual appraisals
-- Employee communications
-- Business management system
-- Mentoring programme
Future plans
-- Development of a winning Mitie culture incorporating a review
of corporate culture and behaviours
-- Employee engagement programme
-- Aligned incentives based on a balanced scorecard
-- Mitie Way of performance management
-- Improved on-boarding.
Financial risks
Risk number: 10
Poor operational cash flows and insufficient access to sources
of capital leading to the inability to maintain a strong liquidity
position
Impact on our objectives
1 Putting customers at the heart of our business
4 Developing our technology-led professional services
Mitie's balance sheet strength has deteriorated in FY17 and this
could limit our ability to grow either organically or through
acquisition.
Given that staff costs remain our most significant expenditure,
the availability of funding from a variety of sources, strong cash
flow and working capital management remain central to our ability
to pay our people on time. We also require sufficient working
capital to pay suppliers and subcontractors and to invest in our
transformational programme. Funding is therefore critical to the
ongoing success and continuity of our business. Failure to maintain
adequate sources of finance ranging from banking facilities and
private placements to supply chain finance and invoice discounting
could result in insufficient funding to maintain a strong liquidity
position.
Management mechanisms
-- Committed long-term funding facilities
-- Strong debt and equity relationships
-- Supply chain finance and invoice discounting
-- Daily monitoring of bank balances
-- Regular forecasting of cash flow
-- Regular financial performance and balance sheet reviews
-- Monthly monitoring of working capital
-- Disputes and escalation process
Future plans
-- Implement appropriate incentive schemes for management to
ensure a focus on cash collection
-- Ensure appropriate payment terms with customers and supply
chain
-- Change of policy to ensure provisions are made for doubtful
debts.
Risk number: 11
Failure of material counterparty (customer, banker, supplier,
insurer etc.) to fulfil its obligations leading to significant
contractual or financial exposure
Impact on our objectives
1 Putting customers at the heart of our business
We are reliant on several counterparties such as insurers,
banks, clients and suppliers to maintain our business activities.
Our ability to trade and the operational and financial
effectiveness of our business could be materially affected by a
failure of one of these key counterparties. The need to maintain
effective ongoing relationships with our material counterparties is
therefore critical if the Group is to meet its strategic
objectives.
Management mechanisms
-- Annual material counterparty risk reviews and Board
approval
-- Maintain sufficient committed debt facilities to cope with
adverse financial conditions
-- Ongoing credit monitoring of material counterparties and
exposures
-- Active contact with external financial and commercial
markets
Future plans
-- Exercise continued vigilance in monitoring and managing key
counterparty relationships.
Risk number: 12
Inability to pass on inflationary pressures on wages and input
costs
Impact on our objectives
2 Transforming our cost base
3 Developing and retaining our talent
In our contracts there are two principal ways of addressing the
risk of inflation. The first is to link the price of the contract
to an index such as the Consumer Price Index, the second is to
build an assumption about inflation into the pricing for later
years of a contract. The risk to Mitie is that the assumption we
make about future inflationary levels is incorrect.
Since the decision to exit the EU the fall in value of sterling
against major currencies has caused commodity price increases and a
subsequent increase in the prices we have to pay for many of our
materials, especially food.
We have contractual protection from increases in costs either
through regulatory change or inflationary pressure in the majority
of our contracts. The ability to pass through cost increases is an
important element of all contracts.
Management mechanisms
-- Commercial review of contracts
-- Protective contractual clauses
-- Executive review of material tenders
-- Annual increase processes
-- Delegated authority register
-- Customer account management programme
Future plans
-- Extending customer management programmes and enhanced focus
on contract terms.
Regulatory risks
Risk number: 13
Non-compliance with legal and regulatory requirements (e.g.
employment, governance, anti- bribery, modern slavery etc.)
Impact on our objectives
1 Putting customers at the heart of our business
3 Developing and retaining our talent
Failure to adhere to legal and regulatory requirements could
lead to fines, prosecutions, loss of our reputation and impact our
ability to attract and retain our people.
As a major employer, we have to comply with the complex and
developing legal and regulatory frameworks in areas such as
taxation, the National Minimum Wage and National Living Wage, the
Apprenticeship Levy and the Modern Slavery Act. It is essential
that we can demonstrate compliance to avoid the material financial
and reputational impacts associated with non-compliance.
Management mechanisms
-- Management oversight for legal compliance at audit and risk
committee meetings
-- Group departments (Tax, Company Secretariat, Finance, QHSE,
Legal, HR, Pension) keep fully up to date with regulations
-- Specialist advice sought from external experts
-- Compliance systems and statements of compliance
-- Training provided and guidance for ongoing and new
legislation
-- Compliance monitoring by Finance, Tax, Enterprise Risk and
Payroll functions
-- Tax reporting framework in place to meet Senior Accounting
Officer requirement
-- Code of conduct
-- Certified business management systems (BMS) to ISO 9001, ISO
14001, OHSAS 18001 and ISO/IEC 27001 (as per statement of
applicability)
-- QHSE legal register
Future plans
-- Reviews to assess the impact of the existing and changing
wage framework
-- Further action plans for compliance with the Modern Slavery
Act in the supply chain.
Directors' Responsibility Statement
The following statement is extracted from page 93 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,
the Directors' remuneration report and the financial statements in
accordance with applicable law and regulations.
Company law requires the Directors to prepare such 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 Article 4 of the IAS
Regulation and have also chosen to prepare the Parent Company
financial statements in accordance with Financial Reporting
Standard 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 Company and of the profit or loss of the Company for
that period.
In preparing the Parent Company 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;
-- state whether Financial Reporting Standard 101 'Reduced
Disclosure Framework' has been followed, subject to any material
departures disclosed and explained in the financial statements;
and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
In preparing the Group financial statements, International
Accounting Standard 1 'Presentation of Financial Statements' that
Directors requires:
-- properly select and apply accounting policies;
-- present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information;
-- provide additional disclosures when compliance with the
specific requirements in IFRSs are insufficient to enable users to
understand the impact of particular transactions, other events and
conditions on the entity's financial position and financial
performance; and
-- make an assessment of the Group's ability to continue as a
going concern.The Directors are responsible for keeping adequate
accounting records that are sufficient to show and explain the
Company's transactions and disclose with reasonable accuracy at any
time the financial position of the Company and enable them to
ensure that the financial statements comply with the Companies Act
2006. They are also responsible for safeguarding the assets of the
Company and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities, and for the
preparation of a Directors' remuneration report which complies with
the relevant requirements of the Companies Act 2006, the UKLA's
Listing Rules and the UKLA's Disclosure Guidance and Transparency
Rules.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company's website. Legislation in the United Kingdom governing the
preparation and dissemination of financial statements may differ
from legislation in other jurisdictions.
Directors' responsibility statement
To the best of each Director's knowledge:
-- the financial statements, prepared in accordance with the
relevant financial reporting framework, give a true and fair view
of the assets, liabilities, financial position and profit or loss
of the Company and the undertakings included in the consolidation
taken as a whole;
-- the strategic report includes a fair review of the
development and performance of the business and the position of the
Company and the undertakings included in the consolidation taken as
a whole, together with a description of the principal risks and
uncertainties that they face; and
-- the Annual Report and financial statements, taken as a whole,
are fair, balanced and understandable and provide the information
necessary for shareholders to assess the Company's position,
performance, business model and strategy.
Related party transactions
The following extract from the Annual Report and Accounts refers
to related party transactions as set out in Note 39:
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 GBP0.2m (2016: GBP0.8m) of
revenue from contracts with joint ventures and associated
undertakings. At 31 March 2017 trade and other receivables of
GBPnil (2016: GBPnil) were outstanding and loans to joint ventures
and associates of GBPnil (2016: GBPnil) were included in financing
assets.
Mitie Group plc has a related party relationship with the Mitie
Foundation, a charitable company, as R McGregor-Smith and S C
Baxter were Directors of the Company and were also two of the
Trustees of the Foundation during the year. R McGregor-Smith
resigned as a Director and Trustee of the Mitie Foundation on 12
December 2016 and S C Baxter resigned as a Director and Trustee of
the Mitie Foundation on 16 March 2017. During the year, the Group
made donations of GBP9,400 (2016: GBP79,000) and gifts in kind of
GBP282,000 (2016: GBP267,000) to the Foundation. At the end of the
year GBPnil (2016: GBPnil) was due to the Foundation and the
Foundation had GBPnil (2016: 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 are the Executive Directors
and Non-Executive Directors whose remuneration is disclosed in the
audited section of the Directors' remuneration report. The
share-based payment charge for key management personnel was GBP1.3m
(2016: GBP0.7m).
Details of transactions with Mitie Group plc Pension Scheme, and
other smaller pension schemes, are given in Note 38.
-Ends-
For further information, contact:
John Telling
Group Corporate Affairs Director, Mitie Group plc
T: +44 (0) 203 123 8673 M: +44 (0) 7979 701 006 E:
john.telling@mitie.com
Anna Chen
Investor Relations Manager, Mitie Group plc
T: +44 (0) 203 123 8675 M: +44 (0)781 852 7265 E:
anna.chen@mitie.com
Notes for editors
About Mitie Group
Mitie is a FTSE 250 business providing a wide range of
facilities management and professional services, from real estate
consultancy, project management, energy consultancy, compliance,
risk assessment and security systems to cleaning, catering,
engineering, technical and environmental services and a range of
specialist services.
We work in partnership with organisations to deliver long-term
savings, managing and maintaining some of the nation's most
recognised landmarks for a range of blue-chip public and private
sector customers.
We are the UK's largest Facilities Management Company employing
some 60,000 people across the country.
Find out more at www.mitie.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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