Mitie Group Plc (MITFF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. Thank you for coming today to hear the MITRE's Interim's presentation for the first six months of FY25. We're broadcasting live as usual here from our headquarters in the Shard. And as you know, this is the first year of our Facilities Transformation three-year plan. And it's the first half of that three-year plan. And we've delivered both good strategic progress, I think, and financial performance in the period, as I hope will show. This photo on the cover shows our new brand creatives for Mighty. We're sort of weaving together data and the built environment, and we're using this in in our bidding materials now going forward. So let me kick off first with the highlights for H1 FY25. As I said, I think our financial performance has been good. Revenue was up 14% year-on-year to £2.4 billion, and it's actually been stronger than we expected for this time of the year. Operating profit was also up 14% to 101 million pounds. And although EPS only grew by 2%, this was after much higher corporation taxes levied this year. Of course, as I always say, financials are looking in the rear view mirror. More relevant are the forward looking growth indicators in the middle column there. And these have been particularly strong this half. H1 is a record period for wins and renewals, up 54% versus the same period last year to 3.7 billion pounds of TCV, total contract value. This drove an 11% growth in our order book, where we've received orders, to £12.6 billion TCV, total contract value. And our pipeline of in-flight opportunities grew by 19% to £22 billion total contract value. So it's quite a big opportunity set that we see there. The final measures of our success is the way we look at our three-year plan. It is, of course, capital deployment and shareholder...