Mitie Group Plc (MITFF) Q4 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Okay, good morning. We've got a full house today, which is great to see. So good morning, everyone, and thank you so much for making it here today, and especially given the tube strike today. I think we're all getting used to it now. As usual, we are here presenting from our headquarters in the Shard. Nicely set in this photo here with our new corporate branding. And I hope you noticed when you came in at the entrance there, our recently awarded royal warrants are pictured here with Priscilla, the stalwart of our cleaning team here at the Shard. So welcome to MITEI's full year presentation for the 12 months ended 31st of March 2026. And as we'll show, our results in 26 were good. We're confident in delivering our FY25-27 strategic plan, which I'll talk on shortly. And we are building the foundations for 28 and beyond. Firstly, turning to the 26 highlights, we've delivered strong double-digit growth in revenue and operating profit, and that's for the third consecutive year. Excluding acquisitions over this period, our organic growth has averaged around 7%, and that's well ahead of the wider FM market, which grew 2% to 3%. We've shown our resilience despite the material headwinds from inflation in labor and higher national insurance contributions. With margins up a further 10 basis points, we've got high visibility of our future. We've ended the year with record 16.3 billion pound order book and a 31.7 billion pound bidding pipeline, which we'll touch on. Cash generation was also good and we plan to extend share buybacks in FY27 to total 100 million, inclusive of the remaining 40 million of the current programme announced last October. M&A is a key feature of our model, as you know, and I'm pleased to say that the Marlowe acquisition is progressing above our expectatio...