Article 10 June 2021

Our Full Year 2021 Financial Results Update

At 7am this morning, we announced our financial results to the City for the year ended 31 March 2021. I wanted to share details of those results with you, so you can see the great progress that Mitie has made over the last 12 months, which everyone has contributed to.

I’m very pleased to report that we’ve had a strong year, a better one than we expected given the pandemic – one that has strengthened our financial position, put us in a market-leading position for Cleaning, Security and Technical Services, and has seen us welcome 27,500 new colleagues from the Interserve acquisition. 

Overall, our Group revenue has increased by 19.1% to £2,589m, with Interserve contributing £450m in the first four months they’ve been with us. Our order book has increased to £7,202m, with new contract wins including Magnox, MBNA and Marks & Spencer to name just a few. And we’ve extended many existing contracts such as Rolls Royce, Linklaters, Deloitte and Tesco. Looking ahead to next year, we anticipate that we’ll perform ahead of our previous expectations, which is really positive news.

I want to thank every one of you for your resilience, determination, bravery, and sheer hard work in helping us achieve these results. In particular, our 65,000 frontline heroes who’ve continued to work – day and night – throughout the pandemic, delivering exceptional customer service and keeping Britain’s vital backbone of hospitals, schools, supermarkets and manufacturing plants, clean, safe and properly maintained.  

Whilst COVID-19 has made it the most challenging and unpredictable of years – it’s been a year we can all be proud of: 

  • We were instrumental in directly helping the UK Government response to the COVID-19 pandemic, and helped stand up three Nightingale Hospitals and over 200 testing sites
  • We’ve welcomed 27,500 former Interserve colleagues to the Mitie family, and since 1 December 2021 we’ve made great progress integrating them into the ‘Mitie way’, and onto our systems and tools. We expect the integration to be completed by the end of November this year
  • We’ve introduced new benefits for all our colleagues, including Life Assurance, Virtual GP and the Employee Assistance Programme. We’ve also offered every single eligible employee free shares in the company, ensuring that everyone can benefit in our success
  • You told us that we’re continuing to do the right things to make Mitie a great place to work, with 55% of you – an increase of nine percentage points from last year – feeling particularly positive about life at Mitie
  • We’ve launched our new Diversity & Inclusion strategy, and our new Count Me In programme, to help everyone feel included, and able to be their true selves at work
  • We’ve seen our highest ever customer net promoter score of +50, close to World Class figures! This is key as it represents how our customers feel about working with us, and how positively they would recommend us to others
  • We’ve had a significant number of new customer wins, and have seen all-time-high contract renewal rates of 96%
  • And we have the number one market position in Security, Cleaning and Technical Services

This year also marks the end of our journey to make Mitie “mighty”! Our strategy, which focused around putting customers at the heart of our business, showing our people that we care, leading the digital transformation of the industry, and strengthening our balance sheet, has served us well and we’re now where we wanted to be. We lead in so many ways, but I’m particularly proud of our Health & Safety record and our leadership in electric vehicles. 

What’s next? I’ll be sharing our new strategy with you at Team Talk Live – so watch out for more on this coming soon. 

We aren’t perfect though, and can always do better. But today, we’re a well-run business, in a strong financial position, and we’re doing the right thing for both our customers and our people. As we help businesses bounce back this year, I know that we’ll keep going from strength to strength. 

These results wouldn’t have been possible without you. So a sincere thank you to you all and to your family and friends who support you. Keep telling us what we’re doing brilliantly, and what we could be better at. You can always reach me with ideas, opportunities and queries on grillphil@mitie.com

I’m delighted to be hosting an online Townhall later today with our new Chief Financial Officer, Simon Kirkpatrick, where we’ll go into more detail around our annual results. Please join us at 4.30pm today for Mitie’s 20/21 Full Year Results Town Hall presentation.

Simon and I will also be presenting a more detailed summary of our results to the market later this morning, and you can watch a replay of this presentation on the Investors page of our website later today.​​​​​​​

Keep well, stay safe – and thank you for being The Exceptional, Every Day.