Double-digit revenue growth reported by Mitie Group plc

In terms of the FY26 highlights, revenue is up 10.5% to £5,619m (FY25: £5,083m), including 5.3% organic growth. Operating profit before other items up 13% to £264m (FY25: £234m). Operating profit margin before other items stands at 4.7% (FY25: 4.6%) “despite headwinds”, while there’s good free cash flow generation of £162m (FY25: £143m) and cash from operations of £290m (FY25: £249m).

During the year, the business acquired Marlowe Fire and Security for circa £350m (cash and shares) and delivered market leadership in facilities compliance with integration “progressing well”. In addition, technology and data investments underpin the launch of an enterprise-wide programme to re-imagine and optimise internal workflows and customer-facing solutions through agentic Artificial Intelligence (AI).

Commenting on the year and the outlook, CEO Phil Bentley said: “FY26 has been another year of progress as we enter the final year of our FY25-FY27 Strategic Plan, with double-digit growth in revenue and operating profit before other items for the third consecutive year and good free cash flow generation. We also further developed our leadership into business-critical facilities compliance through the acquisition of Marlowe. That integration is progressing well.”

Bentley continued: “Looking ahead, we enter FY27 with good momentum, supported by a record order book and bidding pipeline. Notwithstanding the potential for some incremental cost inflation as a result of the conflict in the Middle East, our ongoing margin enhancement initiatives, combined with the increasing mix of higher-margin facilities transformation and facilities compliance work and continued investment in data and AI are expected to support margin progression, while we continue to reinvest for growth. We are confident of delivering our FY25-FY27 Strategic Plan.”

Long-term value creation

Bentley observed that Mitie’s long-term value creation potential and foundations for the next phase of its strategy continue to be strengthened: *capturing client ‘share of wallet’ in facilities management through deeper relationships and investments in sales and marketing

*‘turbo-charging’ facilities transformation through a growing pipeline of capital projects and accelerating growth in facilities compliance with existing clients

“We’re targeting larger opportunities in fire and security,” affirmed Bentley. “Building on our leadership in technology, an enterprise-wide programme has been launched to re-imagine and optimise both our internal workflows and customer-facing solutions through agentic AI, positioning Mitie as a ‘frontier’ firm in the industry. Together, these strategic imperatives are expected to sustain above-market growth, expand margins and deliver attractive shareholder returns well beyond FY27.”

Going forward, and after almost a decade as CEO, it remains Bentley’s intention to retire from Mitie at the end of the FY25-FY27 Strategic Plan once a successor is in place (a process that’s well underway).

On that note, Bentley said: “I’m proud of the progress we’ve made in transforming Mitie into a world-class industry leader, positioned to deliver the ‘Future of High-Performing Places’ for our customers. I thank every one of our 84,000 Mitie colleagues for their dedication, professionalism and hard work, without which none of this could have been achieved. We’re building a larger, more profitable and more cash generative business with a greater capacity to invest in growth and deliver attractive returns for shareholders.”

Security results 

Mitie’s security operation, which resides within the Business Services division, delivered good growth against a strong prior year comparative, which had benefited from ‘surge response’ security work.

In addition to net wins, pricing and the acquisition of Argus Fire in the prior year, fire and security capital projects growth was also strong. GBE Converge was the largest contributor, primarily delivering Data Centre projects to global customers in the UK and fast-growing European locations such as the Nordics, where Mitie added further capability through two infill acquisitions (El-Team Vest and ABC Elektro) in March.

Data Centre works included the delivery of a range of fire and security solutions in Data Centres for Iron Mountain in Slough, Ark in Middlesex (as part of a new relationship with Microsoft as an approved security integrator) and Google in Norway. Work also commenced to install the information communications technology cabling and infrastructure package at a new NTT Data Centre in Amsterdam, where Microsoft is the customer, and end-to-end security and ICT solutions across five further phases of Digital Realty’s Digital Park in Frankfurt.

Additionally, Argus Fire completed the mechanical fire protection installation at the Print & Ink Buildings in London for Landsec.