MITIE Group PLC IFM contract extension with Lloyds Banking Group (0894M)
September 12 2019 - 2:01AM
UK Regulatory
TIDMMTO
RNS Number : 0894M
MITIE Group PLC
12 September 2019
Mitie Group plc
12 September 2019
LEI number: 213800MTCLTKEHWZMJ03
Mitie secures IFM contract extension with Lloyds Banking
Group
Mitie Group plc (LSE: MTO) ("Mitie" or "the Group") today
announces it has been awarded an extension to its contract to
provide integrated facilities management (IFM) services to Lloyds
Banking Group (LBG).
Mitie has been delivering IFM services to LBG since 2012 under a
transformational partnership and this agreement extends the
partnership through to the end of 2024. The extended contract
represents a step change from a traditional input-based service
model, to an output-based model, where the payments received by
Mitie are determined by the outcomes delivered (i.e.
payment-by-results), thereby ensuring that the interests of both
Mitie and Lloyds Banking Group are completely aligned. The extended
contract is expected to generate revenues of approximately GBP170m
per annum.
The extension covers 30 service lines (including engineering,
security, cleaning, catering and data centre services), which will
continue to be delivered across LBG's nationwide branch network and
office estate.
The extension of this significant contract with one of Mitie's
major customers had been factored into guidance on revenue growth
and operating profit in FY 19/20 provided to the market at
full-year results publication in June 2019.
Phil Bentley, Mitie's Chief Executive Officer, commented:
"I'm delighted that we have agreed to extend our contract with
LBG, our largest client, until 2024 and that we have done so under
a breakthrough 'payment by results' structure which will ensure
that all LBG's branches and facilities are maintained to the very
highest levels."
- Ends -
For further information, contact:
Claire Lovegrove
Head of Media Relations
M: +44 (0)790 027 6400 E: claire.lovegrove@mitie.com
Anna Gavrilova
Head of Investor Relations
M: +44 (0)738 443 9112 E: anna.gavrilova@mitie.com
About Mitie Group plc
Founded in 1987, Mitie is the UK's leading facilities management
and professional services company. It offers a range of specialist
services including Engineering Services, Security, Professional
Services, Cleaning & Environmental Services, and Care &
Custody.
Mitie employs 48,900 people across the country, looking after a
large, diverse, blue-chip customer base, from banks and retailers,
to hospitals, schools and government offices. It takes care of its
customers' people and buildings, by delivering the basics
brilliantly and by deploying advanced technology. It is pioneering
the Connected Workspace, using smart analytics to provide valuable
insight and deliver efficiencies to create outstanding work
environments for customers.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
CNTSFWSIEFUSEEU
(END) Dow Jones Newswires
September 12, 2019 02:01 ET (06:01 GMT)
Mitie (LSE:MTO)
Historical Stock Chart
From Apr 2024 to May 2024
Mitie (LSE:MTO)
Historical Stock Chart
From May 2023 to May 2024