13 March
2024
Mitie Group
plc
LEI number:
213800MTCLTKEHWZMJ03
Completion of FY24 Share Buyback Programme
Mitie Group plc ("Mitie" / the
"Group") announces that it has completed the FY24 £50m share
buyback programme, announced on 18 April 2023 (the "Share Buyback
Programme").
Over the duration of the FY24 Share
Buyback Programme, the Group purchased a total of 59m Ordinary
Shares of 2.5p each ("Ordinary Shares") at an average price of 85p,
of which 26m shares (representing c.2% of the Group's issued share
capital) have been cancelled.
The remaining 33m shares were
purchased to satisfy awards vesting under the Group's 2020 SAYE
scheme. As announced in Mitie's Q3 Trading Update on 25 January
2024, the Group has redeployed proceeds of c.£8m arising upon the
exercise of these awards (being the discounted option price paid by
the employee) into the further share purchases under the Share
Buyback Programme, such that the net expenditure remains
£50m.
In total, over the past two years,
the Group has purchased 128m shares through share buyback
programmes, at a net cost of £100m and average price of 79p, of
which 95m shares (representing c.7% of the Group's issued share
capital) have been cancelled.
For
further information
About Mitie
Founded in 1987, Mitie looks after
the places where Britain works, and is the leading facilities
transformation company in the UK. We offer a range of services to
the public sector through our Central Government & Defence and
Communities (Local Government & Education, Healthcare and Care
& Custody) divisions. Our Technical Services (Engineering
Services) and Business Services (Security, Cleaning, Landscapes,
Spain and Waste) divisions serve private sector customers in areas
such as Financial & Professional Services, Industrials, Retail
and Transport, and increasingly the public sector.
Mitie employs 65,000 people. We take
care of our customers' people and buildings, through the 'Science
of Service', and we are transforming facilities to be more
flexible, safe, sustainable, and attractive to all. Mitie continues
to execute its technology-led strategy and in the past twelve
months has received multiple industry awards including B2B
Marketing Team of the Year, Best Low Carbon Solution and Net Zero
Carbon Strategy of the Year. Targeting Net Zero by the end of 2025,
our ambitious emissions reduction plans have also been validated by
the Science Based Targets initiative (SBTi). We have been
recognised as a UK Top Employer for the sixth consecutive year.
Find out more at www.mitie.com.