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Mitie reported strong trading momentum, with first-quarter fiscal 2027 revenue rising 10% to £1.4 billion, well ahead of the broader market's roughly 3% growth. Contract wins and renewals also jumped more than 30% to £1.6 billion, while the bidding pipeline hit a record £32.5 billion.
The company is leaning into higher-margin services through "facilities transformation" and "facilities compliance," supported by its Marlowe acquisition. Mitie said the deal is already helping cross-sell fire, security and water services, and it now sees water management as a major growth area.
Mitie's board backed a recommended £3.1 billion cash takeover by OCS, offering shareholders £2.216 per share including the proposed final dividend. The offer represents a significant premium to recent trading prices, and the AGM resolutions were passed on proxy votes.
Mitie Group (LON:MTO) used its 2026 annual general meeting to report continued trading momentum, outline progress from its Marlowe acquisition and confirm details of a recommended cash offer from OCS.
Chief Executive Phil Bentley told shareholders that Mitie delivered "another good year" for the year ended March 2026, which the company refers to as fiscal year 2026. He said the company recorded double-digit growth for another year, continuing a pattern since 2023, with record revenue, record operating profit and record earnings per share.
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Bentley also said Mitie achieved record contract wins and renewals, a record order book and pipeline, record free cash flow generation and record capital deployment. Subject to shareholder approval of the proposed final dividend at the AGM, he said the company would also deliver record dividends.
Mitie said momentum from fiscal 2026 continued into the first quarter of fiscal 2027. Bentley said revenue in the quarter rose 10% to £1.4 billion, which he described as significantly ahead of a general market growing by about 3%.
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Contract wins and renewals increased by more than 30% to £1.6 billion, while the company's bidding pipeline reached a record £32.5 billion, according to Bentley.
Bentley thanked shareholders for their support and credited Mitie's workforce for the company's performance. He said Mitie now has more than 84,000 employees, making it one of Britain's largest employers.
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