Annual Report and Accounts 2022
Mitie Group plc Annual Report and Accounts 2022
The
Exceptional,
Every Day
Strategic report
01 Financial and Non-Financial highlights
02 At a glance
04 Chairman’s statement
06 Chief Executive’s strategic review
13 Reasons to invest
14 Digital transformation in healthcare
16 Key performance indicators
20 Supporting a vital role in a time of
national crisis
22 Our market drivers
26 Delivering the future of security
28 Our business model
30 Stakeholder engagement
33 Adding value to the UK’s telecoms
infrastructure
34 Transforming the UK’s defence estate
through technology leadership
36 Our environment and social value
framework
52 Working together to make zero
carbon happen
54 Operating review
59 Finance review
64 Engineering more fulfilling careers for
our apprentices
66 Principal risks and uncertainties
78 Shining a light on safer workspaces
80 Non-Financial information statement
81 Section 172 statement
83 Viability statement
The Exceptional, Every Day
We are one of the UK’s leading facilities
management companies. Our expertise, care,
technology, insight and focus on sustainability
create amazing work environments, helping
our customers to be exceptional every day.
Governance
86 Chairman’s introduction to governance
and the Board
87 Board of Directors
90 Board leadership and
Company purpose
92 Stakeholder engagement
94 Strategy and the Boardroom
96 Culture at Mitie
100 Division of responsibilities
102 Board effectiveness and evaluation
104 Nomination Committee report
107 Audit Committee report
115 Directors’ remuneration report
131 Social Value & Responsible Business
Committee report
133 Directors’ report
136 Statement of Directors’ responsibilities
Financial statements
138 Independent auditor’s report to
the members of Mitie Group plc
145 Consolidated incomestatement
146 Consolidated statement of
comprehensive income
147 Consolidated balance sheet
149 Consolidated statement of changes
in equity
150 Consolidated statement of cash flows
152 Notes to the consolidated
financial statements
214 Company balance sheet
215 Company statement of changes
in equity
216 Notes to the Company
financial statements
220 Appendix – Alternative Performance
Measures
224 Shareholder information
Strategic report Governance Financial statements
01
Mitie Group plc
Annual Report and Accounts 2022
A strong performance
Thanks to the hard work of our 72,000 colleagues, Mitie has recovered strongly from
the pandemic, delivering a record £4bn of revenue in FY22, operating profit of £167m
and free cash flow of £133m. The Interserve Facilities Management (Interserve) business
is performing strongly under our stewardship and our ability to rapidly mobilise flexible
contracts led to strong COVID-related business. Our underlying business performed well
in the year, growing 14%.
We delivered a strong financial performance in FY22, with good underlying growth.
The Group is now able to leverage its capital base to focus on long-term value creation,
accelerating investment in growth and delivering enhanced shareholder returns.
Revenue including share of joint
ventures and associates
1
£3,997m
+58%
FY21: £2,529m
Employee engagement
50%
-5ppt
FY21: 55%
Females in senior leadership team
24%
+3ppt
FY21: 21%
Operating profit
1,3
£72m
>100%
FY21: £4m
Group revenue
1
£3,903m
+56%
FY21: £2,499m
Net Promoter Score
4
+39
+15
F Y21: +24
Carbon emissions (tonnes CO
2
e)
20,596
+7%
FY21: 19,205
Average daily net debt
£25m
-£22m
FY21: £47m
Operating profit before other items
1,2,3
£167m
>100%
FY21: £59m
Financial
Non-Financial
Find out more on page 18
Find out more on page 16
1. From continuing operations.
2. Other items are as described in Note 4 to the consolidated financial statements.
3. Operating profit includes share of profit after tax from joint ventures and associates.
4. Customer NPS includes legacy Interserve contracts and is calculated as a weighted average. Mitie standalone NPS increased
to +51.
Free cash flow
£133m
+£158m
FY21: £(25)m