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The Exceptional, Every Day Plc | Mitie Group Mitie Group plc Mitie Group Annual Report and Accounts 2018 and Accounts Annual Report The exceptional, every day Mitie Group plc | Annual Report and Accounts 2018 Contents FY 17/18 highlights Strategic report 1 Our purpose £2.2bn £77.1m 4 At a glance 1 1,2 5 Our investment case Adjusted revenue Adjusted operating profit 6 Chairman’s statement (FY 16/17: £2.1bn) (FY 16/17: £82.0m) 8 Business model 10 Market review £2.2bn £89.6m 12 Chief Executive’s review 3 2,3 15 Strategy Reported revenue Reported operating profit/(loss) 16 Key Performance Indicators (FY 16/17: £2.1bn) (FY 16/17: £(6.3)m) 18 Strategy in action 22 Operating review 4.0p £4.5bn 34 Sustainability 38 People and Community Dividends per share Order book4 44 Finance review (FY 16/17: 4.0p) (FY 16/17: £4.4bn) 50 Principal risks and uncertainties 57 Viability statement £193.5m £286.1m Net debt (at period end) Net debt (average) Governance (FY 16/17: £147.2m) (FY 16/17: £335.9m) 60 Board of Directors 64 Chairman’s introduction to • Positive adjusted revenue1 growth Corporate Governance Adjusted operating profit1,2 in line with our expectations 66 The Board • 72 Audit Committee • Good performance from Mitie’s market-leading core businesses 84 Nomination Committee • Connected Workspace now in deployment 88 Directors’ remuneration report • Transformation programme progressing well 110 Directors’ report: other disclosures • Higher transformation cost savings, with associated higher cost Financial of change • On track to exceed three-year cost savings targets 117 Independent auditor’s report to the members of Mitie Group plc • Investments made in customer service and internal capability 127 Consolidated income statement • Commercial reorganisation and finance transformation largely 128 Consolidated statement complete; IT and Engineering Services workflow technology of comprehensive income transformation begun 129 Consolidated balance sheet 131 Consolidated statement of changes in equity For further information 132 Consolidated statement of cash flows Visit our corporate website https://www.linkedin.com/ 134 Notes to the consolidated mitie.com/investors company/mitie/ financial statements Follow us on twitter Watch our latest content 198 Company balance sheet @wearemitie youtube.com/user/mitiegroupplc 199 Company statement of changes in equity On the cover 200 Notes to the Company 1. To enable an effective comparison of our financial statements performance, adjusted revenue and adjusted operating profit are presented for both FY 17/18 204 Appendix – Alternative Performance and FY 16/17 as Alternative Performance Measures (APMs) Measures (APMs). FY 17/18 adjusted numbers are presented on pre-IFRS 15 basis. FY 16/17 206 Shareholder information adjusted numbers are presented as per last year’s APM, for continuing operations. 2. Before other items. 3. FY 17/18 reported on post-IFRS 15 basis and FY 16/17 on a reported basis. 4. The order book is presented in line with IFRS 15 requirements for both FY 17/18 and FY 16/17. Vicky Housekeeper, Cleaning Our purpose Our expertise, care, technology and insight create amazing work environments, helping our customers be exceptional every day. Opportunities to progress Free to make decisions Our promise to A personal pride our people in our work Reward for A place to work where great work you can thrive and be Closer working your best every day relationships Trust and Our promise to respect our customers Brilliant basics A trusted partner focused on adding value to your bottom line, while creating exceptional Intelligent use environments for your of technology customers and people Insights that make a difference Our Vision and Values are built on the simple premise of ‘The exceptional, every day’ – our overarching commitment to both our customers and to our colleagues. The exceptional, every day | www.mitie.com 1 2 www.mitie.com | The exceptional, every day We are One Mitie We work as one to deliver a seamless, unrivalled service. We are all in it together, if we can help a customer or colleague in any way, we will. We are One Mitie. Miriam Reception Supervisor, Front of House The exceptional, every day | www.mitie.com 3 AT A GLANCE Delivering the exceptional through a range of services… Delivering the basics brilliantly gives us the solid foundations on which to create, build and tailor solutions that anticipate and meet our customers’ needs. Adjusted revenue FY 17/18 Property Management Engineering Services £237.9m £833.8m Catering £137.1m Care & Custody £62.3m Cleaning & Environmental Services £405.5m Professional Services Security £90.8m £431.7m …to a blue-chip customer base. 4 www.mitie.com | The exceptional, every day OUR INVESTMENT CASE Six reasons to invest in Mitie 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 49,000 people across the country. We are changing the future of FM through the pioneering development of Connected Workspace technology. We are ambitious for the future and for those who work for us. Exceptional clients and a High retention rates and Proactive Group broad range of services significant order book management • Broad client base across both the • Long-term relationships as a trusted • Creation of One Mitie through a private and public sectors partner supporting our single employing entity and the • Professional Services provide customers’ strategies simplification of the group structure strategic differentiation • NPS score of -10 sets the baseline – • Commitment to strong and • Our ability to self-deliver is a a +17 points improvement over past transparent financial management key strength 12 months • Strong covenant headroom • Intelligent use of smart technology • Stable order book at £4.5bn reported • Realigned dividends to under IFRS 15 guidelines • No reliance on any single or group underlying performance of customers • 35% in public sector work and 65% in private sector contracts Operating review on pp. 22-31 Chief Executive’s review on pp. 12-14 Finance review on pp. 44-49 Innovation and Transformation Winning technology capabilities programme culture • Major investment in technology to • One year into three-year • New Purpose, Vision and Values to underpin next generation FM programme, progressing well deliver ‘The exceptional, every day’ • Data analytics and insight enable and • Discovery done, now in • One Mitie approach to enhance customer delivery phase doing business workplace performance • Majority of back-office • A place to work where our • Connected Workspace offering transformation well advanced employees can thrive and be their increasingly important to • Investing to generate optimum best every day customer proposition operating model • We recognise great work, reward and • Pioneers in FM innovation • c.£50m of overall run-rate savings by celebrate it • Partnership with market leaders such March 2020 • A 10.7% improvement in staff as Microsoft and Vodafone turnover in a transformational year Strategy in action on pp. 18-19 Chief Executive’s review on pp. 12-14 People & Community on pp. 38-41 The exceptional, every day | www.mitie.com 5 Chairman’s statement Focused transformation in a challenging market “It has been a year of good progress at Mitie, though not without its challenges.” Derek Mapp, Chairman Dear Mitie Shareholder, Strategy Mite is a strong resilient business, with a broad and diverse Overview client base, and a frontline workforce with specialist skills, I am delighted to be presenting my first annual review to you as expertise and experience. It is also now one year into a major Chairman of Mitie Group plc (Mitie). three-year transformation programme under the stewardship of CEO, Phil Bentley. All discovery work has been completed and This has been a year of discovery, transformation and change for the business is now firmly in execution and delivery mode. Mitie, all set against a challenging and, at times, difficult market. The outsourcing sector has been in the spotlight with the demise The four-pillared strategy launched in June 2017 is shaping the of Carillion, and the challenges faced by many other firms across direction of the Group and the business is continuing to make the wider sector. significant investments in technology, smart analytics and data-led insight. Outsourcing and, more specifically, Facilities Management, is a relatively new industry where the early benefits derived from Operationally the business has made major strides forward in economies of scale and expertise have now, largely, been eroded the last 12 months, removing complexity, duplication, upgrading away. Third, fourth and even fifth generation contracts have and simplifying processes, professionalising and understanding resulted in low margins for providers and few cost give-aways for the true drivers and levers of the business. customers. However, technology and scale remain opportunities The accounting review completed in June 2017. Recommended for the sector and what has become clear is that these need to changes to reporting and the control environment are be delivered in tandem with a wholesale industry-wide progressing and being monitored by the Audit Committee. correction in the pricing of risk; contracts need to correctly account for price, quality, certainty and timeliness of delivery. The Financial Reporting Council’s (FRC) Corporate Reporting The collapse of Carillion, the challenges faced by almost every Review of the annual report and accounts of Mitie for the year other industry participant, as well as the failure of many other ended 31 March 2016 completed in November 2017, with no individual contracts to be delivered on budget, on time or at the further action required of the Company. Although the FRC quality required, show that wholesale sector recalibration is continue, under the Accountancy Scheme, to investigate needed for the economics of FM to continue to be sustainable.
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