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.
First-quarter revenue rises 10%
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%.
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.
Strategy focuses on transformation and compliance
Bentley said Mitie aims not only to lead in facilities management but also in “facilities transformation” and “facilities compliance.” He said transformation includes building upgrades and projects, particularly around energy efficiency and safety, while compliance involves helping buildings meet evolving safety, fire and water regulations.
He said these services carry higher margins as Mitie sells more of them to its facilities management clients.
Bentley highlighted Mitie’s acquisition of Marlowe, completed last August for £350 million, as the company’s largest acquisition. He said the deal positioned Mitie as a leader in facilities compliance and provided a platform for growth.
According to Bentley, Mitie has made progress cross-selling Marlowe services to large facilities management clients and delivering cost savings. He said Mitie is now “number one” in its total fire offering, with active and passive fire solutions, and is also the leading provider of security systems to businesses.
Water services highlighted as growth area
Bentley also emphasized Marlowe’s capabilities in water management, saying “water is the new energy.” He said Mitie now buys, meters, treats, recycles, discharges and reports water consumption for customers.
He said climate change and population growth mean the U.K. faces increasing water constraints, creating demand for investment in water efficiency, resilience and sustainability.
Bentley said Mitie has signed several existing clients for new water services, including the Atomic Weapons Establishment at Aldermaston, to help them manage regulatory requirements and sustainability goals.
OCS offer recommended by Mitie board
Bentley also addressed Mitie’s announcement that its board and the board of OCS had agreed terms for a recommended cash acquisition of Mitie.
He said each Mitie shareholder would receive £2.216 in cash per share, including the proposed £0.031 fiscal 2026 final dividend if approved at the AGM. Bentley said the offer values Mitie’s equity at £3.1 billion.
He said the offer represents a 46.8% premium to the previous day’s closing share price, a 34.4% premium to Mitie’s six-month volume-weighted average share price and a 19% premium to the company’s all-time share price.
Bentley said Mitie is now in an offer period and is limited in what it can say under takeover rules. He referred shareholders to the Rule 2.7 announcement published earlier in the day for further details on the rationale for the acquisition and the board’s recommendation.
He said the transaction would bring together two U.K.-headquartered businesses with complementary strengths, expand service offerings to public and private sector clients and create opportunities for employees and communities. He added that OCS also operates in the Middle East and Asia Pacific, which he described as faster-growing markets.
AGM resolutions passed on proxy votes
Chair Chris Rogers, presiding over his first Mitie AGM, introduced the board and led the formal business of the meeting. The company proposed 17 resolutions, with resolutions 1 to 15 as ordinary resolutions and resolutions 16 and 17 as special resolutions.
No shareholder questions were raised in the room or by email, according to Rogers. Voting was conducted by poll, with MUFG Corporate Markets acting as scrutineer.
Rogers said that while final votes had yet to be counted, all resolutions had been passed based on proxy votes received before the meeting. He said final results would be posted on Mitie’s website and announced to the London Stock Exchange as soon as possible.
About Mitie Group (LON:MTO)
Mitie Group plc, together with its subsidiaries, provides facilities management and professional services in the United Kingdom and internationally. The company operates in four segments: Business Services, Technical Services, Central Government & Defense (CG&D), Communities. The company provides decarbonization, electrical grid connections, emission intelligence, energy and carbon, EV fleets, and heat solutions, as well as solar energy; cleaning and hygiene, engineering maintenance, integrated facilities management, landscape, and waste management services; project and workplace services; and Fire & security systems, front of house, intelligence, vetting, and security guarding service.
