Mitie Group plc
Annual Report
and Accounts 2025
The Future
of High Performing
Places
We are Mitie
A trusted partner to a diverse range of blue-chip customers across the
public and private sectors, working with them to transform their built
estates and the lived experience for their colleagues and customers, as
well as providing data-driven insights to inform better decision-making.
In each of our core service lines of Engineering Maintenance, Security and
Hygiene we hold market leadership positions.
We upsell projects capabilities in higher-growth categories, including
buildings infrastructure and compliance, decarbonisation, fire & security
Strategic report
2
We are Mitie
3
Our performance highlights
4
Our business at a glance
8
Chairman’s statement
10
Macro trends
12
Our core capabilities
20
Our investment case
21
Our Three-Year Plan (FY25 – FY27)
22
Chief Executive’s review
28
Key performance indicators
32
Our business model
34
Stakeholder engagement
39
s172 statement
42
Operating review
45
Finance review
50
Sustainability statement
76
Principal risks and uncertainties
88
Non-financial and sustainability
information statement
89
Viability statement
Governance
91
Chairman’s introduction to governance
and the Board
92
Board of Directors
95
Board leadership and Company purpose
97
Division of responsibilities
99
Board activities: stakeholder engagement
100
Strategy and the Boardroom
102
Culture at Mitie
106
Board effectiveness and evaluation
108
Nomination Committee report
113
Audit Committee report
121
Environmental, Social & Governance (ESG)
Committee report
124
Directors’ remuneration report
138 Directors’ report
141
Statement of Directors’ responsibilities
Financial statements
143
Independent auditor’s report to the
members of Mitie Group plc
150
Consolidated income statement
151
Consolidated statement of
comprehensive income
152
Consolidated statement of financial position
154
Consolidated statement of changes in equity
155
Consolidated statement of cash flows
157
Notes to the consolidated financial
statements
207
Company statement of financial position
208
Company statement of changes in equity
209
Notes to the Company financial statements
213
Appendix – Alternative Performance
Measures (APMs)
216 Shareholder information
Contents
Our purpose: ‘Better Places; Thriving Communities
’
We believe better places lead to thriving communities. When people have better places, it’s easier for
them to connect and collaborate, to feel safe and secure, and to belong. It drives us to make every place
we touch safer, cleaner and more secure and sustainable.
3
Mitie Group plc
Annual Report and Accounts 2025
Strategic report
Governance
Financial statements
We have made strong strategic, operational and financial progress in the
foundation year of our Facilities Transformation Three-Year Plan (FY25 – FY27).
Revenue (£m)
including share of JVs and associates
Dividend per share (p)
Operating profit before
Other items
1,2
(£m)
Free cash flow (£m)
Basic earnings per share
before Other items
1
(p)
ROIC (%)
Operating profit
2
(£m)
Basic earnings per share (p)
Employee engagement
63
%
N/A
4
FY24: 63%
Net Promoter Score
+
63
+3pt
FY24: +60
Employee turnover
12
%
-1ppt
FY24: 13%
Carbon emissions
3
270,419
-7%
FY24: 290,207
KPI
KPI
KPI
KPI
KPI
KPI
KPI
KPI
KPI
KPI
KPI
£
5,091
m
4.3
p
£
234
m
£
143
m
12.7
p
24.5
%
£
162
m
8.2
p
1. Other items are as described in Note 4 to the consolidated financial statements.
2. Operating profit includes share of profit after tax from joint ventures (JVs) and associates.
3. Scope 1, 2 and 3 global carbon emissions (tonnes CO
2
e), net of 4,066 carbon credits.
4. The most recent MyVoice survey took place in April 2024 (relating to FY24). See page 70.
Alternative Performance Measures (APMs)
The Group’s performance measures continue to include some measures which are
not defined or specified under International Financial Reporting Standards (IFRS).
A reconciliation of the APMs to the equivalent IFRS measures is provided in the
Appendix – Alternative Performance Measures on pages 213 to 215.
Key performance indicators (KPIs)
Pages 28 to 31.
Non-financial
Financial
FY25
FY24
FY23
FY22
FY21
5,091
4,511
4,055
3,997
2,529
FY25
FY24
FY23
FY22
FY21
4.3
4.0
2.9
1.8
0
FY25
FY24
FY23
FY22
FY21
234
210
162
167
59
FY25
FY24
FY23
FY22
FY21
143
158
66
147
(25)
FY25
FY24
FY23
FY22
FY21
162
166
117
72
4
FY25
FY24
FY23
FY22
FY21
8.2
9.8
6.8
2.2
(1.3)
FY25
FY24
FY23
FY22
FY21
12.7
12.3
9.5
9.2
3.1
FY25
FY24
FY23
FY22
FY21
24.5
26.4
25.4
29.9
8.2
OUR PERFORMANCE HIGHLIGHTS
Total pipeline
£
23.7
bn
27% growth year-on-year
Customer type
Revenue, including share of
joint ventures and associates
%
Government
Non-government
%
52
48
Total order book £15.4bn
Including share of joint
ventures and associates
£bn
1 year
3.2
1–2 years
2.5
>2 years
9.7
4
Mitie Group plc
Annual Report and Accounts 2025
OUR BUSINESS AT A GLANCE
The Future of High Performing Places
Optimising
asset performance
and maximising
productivity
Transforming
estates, workplaces
and customer
experience
Creating
healthier and more
sustainable spaces
Protecting
people, property
and assets
Accelerating
the path to
Net Zero
We are transforming places to meet
our customers’ evolving needs through
our technology, innovation and a passion
for excellence – creating zero-carbon,
technology-enabled places that are safe,
connected, comfortable, responsive
and resilient.
5
Mitie Group plc
Annual Report and Accounts 2025
Strategic report
Governance
Financial statements
Our core capabilities
Our divisions
See Operating review on pages 42 to 44
A. Business Services
44%
B. Technical Services
39%
C. Communities
17%
Intelligent Engineering
Maintenance
We help customers to optimise the
performance and productivity of
their assets through an extensive
suite of engineering services that
enable predictive maintenance
and remote monitoring. We
have the UK’s largest team of
trained engineers, implementing
solutions to ensure that buildings
comply with regulations, and
infrastructure and systems remain
fully operational.
Intelligent
Projects
We bring together technology
and expertise from across the
Group to offer an unrivalled
breadth and depth of self-delivery
capability to consult, design and
deliver projects that transform our
customers’ estates, workplaces
and experiences, and accelerate
their path to Net Zero. We
continue to build our capabilities
both organically and through
infill acquisitions.
Intelligent
Security
We protect our customers’
property and assets and keep
people safe. Our delivery is
underpinned by leading risk and
threat intelligence, technology and
a team of fully vetted, highly trained
security professionals at our two
Intelligence Security Operations
Centres (ISOCs), working together
with our front-of-house colleagues
to enable Safer Communities for
our colleagues, customers and
the public.
Intelligent
Hygiene
We create healthier and more
sustainable spaces for our
customers, using technologies such
as sensors, spill detect computer
vision, and our Merlin Connect
operating platform to deliver
demand-led cleaning solutions.
This provides customers with
assurance over cleanliness
and drives efficiency and
productivity gains.
See page 12
See page 14
See page 16
See page 18
Our core capabilities are differentiated by our technology and colleagues.
Our core capabilities are delivered
through three divisions: Business Services
(including Central Government, Spain,
Waste and Landscapes); Technical Services
(including Defence); and Communities
(including Care & Custody).
A
B
C
* Revenue including share of JVs and associates.
£
5.1
bn
revenue*
6
Mitie Group plc
Annual Report and Accounts 2025
OUR BUSINESS AT A GLANCE
continued
Our customers
We have a loyal and diverse blue-chip
customer base across a broad range of
sectors, including those showcased below.
Retail, logistics and shopping centres
Transport & aviation
Corporate and professional services
7
Mitie Group plc
Annual Report and Accounts 2025
Strategic report
Governance
Financial statements
Manufacturing
Critical environments (including healthcare and life sciences)
Public sector
8
Mitie Group plc
Annual Report and Accounts 2025
CHAIRMAN’S STATEMENT
A heartfelt farewell
Dear Mitie Shareholder
In this foundation year of our Facilities Transformation Three-Year Plan (FY25 – FY27),
I am pleased to report that your company has made further strategic, operational and
financial progress.
This will be my final letter as your Chairman, before stepping down at the July 2025
Annual General Meeting (AGM). Reflecting on Mitie’s remarkable journey over my eight-
year tenure, one constant has been our unwavering commitment to understanding the
increasingly sophisticated needs of our customers and their built environments, amid an
evolving regulatory landscape and a shift in societal expectations.
In response, we have advanced our technology and data-rich offering to create smarter,
safer, cleaner and greener places, which are not only fit for today but will endure the rapid
changes anticipated over the years ahead.
Looking back to the start of my tenure in 2017, shortly after Phil Bentley was appointed as
CEO, your company was in a very different place. The first few years focused on improving
customer service and employee engagement, divesting businesses that could not achieve a
Mitie standard of excellence and market leadership, and strengthening the balance sheet.
These were the foundations on which we have built scale and operational leverage, including
through the acquisition of Interserve FM, enabling us to accelerate growth, improve margins
and generate sustainable free cash flow.
Our colleagues have been instrumental, not only in transforming Mitie, but in transforming
our customers’ estates. Their passion is evident in Mitie’s world-class Net Promoter Score
(NPS) – what our customers think of us – and in our sustained high levels of colleague
engagement. I extend my sincerest thanks and admiration to each of our 76,000 colleagues
for their dedication, determination and commitment to exceptional performance.
In FY25, revenue and operating profit before Other items reached a record £5,091m
(FY24: £4,511m) and £234m (FY24: £210m), respectively, resulting in an operating margin of
4.6% (FY24: 4.7%). Earnings per share before Other items increased by 3% to 12.7p (FY24:
12.3p), and we delivered a free cash flow of £143m (FY24: £158m). These results continue
to build on our strong track record and make a meaningful contribution to the delivery of
our ambitious Three-Year Plan targets.
When I pass the baton on to my successor, Christopher Rogers, I know that I am handing
on a company brimming with immense talent and a bright future. I have no doubt that
Christopher and my fellow Board members will continue to both support and challenge the
executive leadership team to drive growth and returns, while ensuring that we maximise
our positive impact on the environment and the communities we serve.
Environmental, Social and Governance (ESG)
ESG matters are integral to Mitie, and we continue to be recognised for our leadership in
these areas. We remain on track to achieve our ambitious Net Zero targets, which will
see us become carbon neutral for our operations by the end of 2025. We are ranked in
the CDP’s Climate A List, alongside holding ‘Platinum’ status in the Sustainable Facilities
Management Index and a ‘Negligible’ risk rating from Sustainalytics. To attract and retain
talent, we offer industry-leading benefits to all colleagues. We are consistently recognised
as a Top Employer, and one of the most diverse.
Through its innovative, technology and data-rich approach,
your company has transcended traditional industry
practices to create better places for our customers and
thriving communities. I am immensely proud to have been
a part of this journey over the past eight years and extend
my gratitude to every one of our colleagues for their
contribution to our successes.
Derek Mapp
Chairman
9
Mitie Group plc
Annual Report and Accounts 2025
Strategic report
Governance
Financial statements
Stakeholder engagement
The Board is committed to understanding the needs of our stakeholders and acting on their
feedback, and we do so through an extensive programme of engagement. Board members
conduct a range of listening sessions throughout the year with our colleagues, many of
whom work on the front line, to hear their views and ensure open lines of communication.
We also attend equality, diversity and inclusion (ED&I) events run by our diversity networks
across Mitie.
It was my pleasure to hear the views of shareholders during my annual Chairman’s
governance roadshow at the start of the year, and to accompany Jennifer Duvalier, Chair
of the Remuneration Committee, in an extensive shareholder consultation on our new
Directors’ Remuneration Policy, which received over 80% support at the July 2024 AGM.
Board composition and changes
Mitie’s Board is diverse in skills, experience and background – qualities that are essential for
promoting robust governance and oversight. At 31 March 2025, 40% of Board positions
were held by women and 20% were ethnically diverse.
We adopt a proactive approach to succession planning, both at Board level and across the
executive leadership team. In March 2025, we were delighted to welcome Christopher
Rogers to the Board as the Chair Elect. Christopher brings extensive Board experience
across a range of sectors and is a highly respected finance leader with a wealth of
experience gained during his executive career. He will take over as Chairman when
I step down and leave the Board at our July 2025 AGM, and I wish him every success in
his new role.
Mary Reilly will be succeeded by Penny James as Chair of the Audit Committee when
she steps down from the role following the completion of the FY25 Annual Report and
Accounts. I would like to extend my thanks to Mary for her expertise and leadership in
guiding our financial oversight and ensuring the integrity of our reporting processes over
the past eight years.
Shareholder returns
Our capital allocation policy prioritises strategic M&A at returns materially above our
weighted average cost of capital; a progressive dividend policy with a 30–40% payout
ratio; and the purchase of all shares to fulfil employee incentive schemes. Surplus funds
are returned to shareholders via share buyback programmes to remain within our target
leverage range of 0.75x – 1.5x.
In this context, the Board is recommending a final dividend of 3.0p per share. When added
to the 1.3p interim dividend paid in respect of the first six months of the year, this brings the
total dividend for FY25 to 4.3p per share. This represents an 8% increase on the prior year
(FY24: 4.0p) and a payout ratio of 34% (FY24: 33%). The final dividend will be paid on
4 August 2025, following approval at the July 2025 AGM.
During FY25, we completed our largest share buyback programme of £100m. In total,
we have returned £179m to shareholders through buybacks, share purchases for incentive
schemes and dividends in the year, and have invested £48m in strategic acquisitions.
Our strong free cash flow generation and low leverage continue to support proactive
capital deployments, including a new £125m share buyback programme for FY26.
Closing remarks
As I conclude my tenure as Chairman, I reflect on Mitie’s remarkable journey. Your business
has transformed to become the industry leader, not only by market share, but also through
its investments in technology and innovation, and focus on its sustainability and social value.
I extend my deepest gratitude to my fellow Board members, our shareholders, customers,
colleagues and partners for their ongoing support and commitment. It has been an immense
privilege to be part of this journey, and I am confident that the foundations we have laid will
lead to outstanding outcomes.
Derek Mapp
Chairman
Further reading
Facilities Transformation
see page 21
Stakeholder engagement
see pages 34 to 38
Financial performance
see pages 45 to 49
Sustainability statement
see pages 50 to 75
Governance report
see pages 90 to 141
Directors’ remuneration report
see pages 124 to 137
Message from
Christopher Rogers
On behalf of the Board and all Mitie
colleagues, I would like to thank Derek
Mapp for his extraordinary contribution
as Chairman. During his tenure, Mitie has
emerged as the UK’s largest technology-
led Facilities Transformation business.
It is an honour to succeed Derek in this
role. I am delighted to be joining the
Board of a truly world-class company
with a highly experienced management
team, and I look forward to working with
them to continue to grow the business
and create value.
Mitie’s clear vision and commitment to
its purpose is evident, and I have been
deeply impressed by the dedication and
expertise of our colleagues as I continue
my visits around the business.
Engagement has always been the highest
priority for our Board, and I fully intend to
embrace these important opportunities
to hear the views of our stakeholders.
I hope to meet many of you, our
shareholders, at the July AGM.
Read more about Christopher’s
background and experience on page 92
10
Mitie Group plc
Annual Report and Accounts 2025
Engineering Maintenance
Security
Hygiene
Projects
Waste
Care & Custody
MACRO TRENDS
Underpinning our growth
Our service lines and sectors have attractive growth prospects that are underpinned by
positive macro trends, ranging from decarbonisation and the modernisation of the built
environment to changes in the regulatory landscape and public sector areas of investment.
Decarbonising and modernising
the built environment
As the UK progresses towards its Net Zero goals, more stringent
requirements are being introduced for commercial buildings to
meet specific Energy Performance Certificate ratings. Currently,
c.80% of commercial buildings across the country do not meet the
Minimum Energy Efficiency Standards (MEES) required by 2030.
Simultaneously, we continue to see an increasing proportion of
capital budgets being allocated to the redesign of workspaces,
as organisations embrace hybrid working and focus on amenities,
collaborative spaces, technology enablement, wellness and
sustainability to attract and retain talent.
Repurposing the electricity grid
The UK’s energy requirements are becoming increasingly reliant on
renewable sources, requiring substantial investment to modernise
and upgrade Grid infrastructure and build sufficient storage
capacity. To meet these needs, National Grid is investing up to
£60bn in its infrastructure network by 2030. There is also a market
opportunity for Independent Connection Providers (ICPs) across
the voltage spectrum, to fulfil the demand for private network
solutions and growth in data centre, battery and renewable
energy developments.
Link to business areas:
Link to business areas:
£
1.4
trn
estimated cost of achieving
Net Zero in the UK by 2050
£
60
bn
National Grid upgrade
programme
Accelerating data centre investment
Data centres are now classified as Critical National Infrastructure
by the UK Government due to their crucial role in the digital
economy and developments in Artificial Intelligence (AI). This step
aims to promote the continued investment in UK data centre
capacity by the major cloud service providers and is further
supported by the UK Government’s AI Opportunities Action Plan,
launched in January 2025, to position the country as a global leader
in this field. As such, investment in UK data centres is expected
to increase from £8.5bn in 2024 to £12.7bn in 2032 (Expert
Market Research).
£
12.7
bn
UK data centre
investments
Private sector as first line of defence
The Terrorism (Protection of Premises) Act 2025, also known as
Martyn’s Law, received royal assent in April 2025 and will place
the protection of public safety with those responsible for certain
buildings and events. Mitie has played a meaningful role in shaping
this legislation and is proactively engaging with customers to
implement security best practice in response to what is perceived
to be the most significant piece of legislation to impact the industry
in decades. Simultaneously, the outsourcing of security services to
the private sector by the UK Government is expected to continue,
and contribute to 3.0% annual growth in the £8.6bn security
market (Frost & Sullivan/independent research).
£
8.6
bn
UK security market
Business areas
Link to business areas:
Link to business areas:
11
Mitie Group plc
Annual Report and Accounts 2025
Strategic report
Governance
Financial statements
Increasing Defence spending
In February 2025, the UK Government outlined plans to increase
defence spending to 2.5% of GDP from April 2027, with an
ambition to reach 3% in the next parliament, and has widened
the definition to recognise the work of security and intelligence
agencies. This increase is aimed at building a modern and resilient
UK Armed Forces and accelerating the adoption of cutting-edge
capabilities in response to the rapidly evolving threat landscape.
The Ministry of Defence has c.130,000 built assets in the UK
and overseas, of which around a third of the estate requires
modernisation, while the wider estate must adapt to meet the
sector’s decarbonisation agenda.
£
60
bn
estimated UK defence spend
for 2025/26
Prison capacity shortage
At the end of 2024, c.85,000 individuals were held in the UK’s adult
prison estate, significantly exceeding the capacity the system is
designed to accommodate. The Ministry of Justice’s 10-year Prison
Capacity Strategy outlines plans to build an additional 14,000 prison
places by 2031, and it expects to invest c.£10bn to meet this target,
through a combination of new prisons, new houseblocks, rapid
deployment cells and the refurbishment of existing facilities.
£
10
bn
government investment to
increase prison capacity
Evolving response to immigration
According to the Home Office, approximately 108,000 people
applied for asylum in 2024 and approximately 35,000 arrived in
the UK by crossing the English Channel in small boats (+25% yoy).
With the continued high numbers of people arriving in the UK,
immigration will remain a political priority requiring significant
investment and support from the private sector. In March 2025,
the UK Government announced £30m of funding directed to
high-impact operations from the Border Security Command to
tackle supply chains in small boats, illicit finances and anti-trafficking.
35,000
small boat arrivals in 2024
(+25% yoy)
Rising business crime
Rates of theft, fraud and cybercrime continue to accelerate as a
result of high living costs, among other factors. The retail sector
has been particularly affected by this, alongside acts of violence
and abuse towards shop floor colleagues, with the number of
theft incidents rising by 25% to 20m in 2024, according to the
British Retail Consortium. In response, retailers spent £1.8bn on
crime prevention measures (+50% yoy) and the total cost of retail
crime rose to £4.2bn, of which £2.2bn was a direct result of theft.
Mitie has led the way in creating Pegasus, part of a new specialist
police unit funded by retailers, to provide a national response to
organised crime.
£
4.2
bn
annual cost of retail
crime
Link to business areas:
Link to business areas:
Link to business areas:
Link to business areas:
12
Mitie Group plc
Annual Report and Accounts 2025
Intelligent Engineering Maintenance
OUR CORE CAPABILITIES
Market size
£
9.8
bn
Our position
#
1
in UK
The largest provider of
technology-led engineering
maintenance services
Mitie market share
19
%
Projected market growth
4
% p.a.
What sets us apart
Scale and capability
We have the largest national mobile engineering workforce and
self-delivery engineering capability in the UK.
Technology
We create ‘intelligent buildings’ through sensor technology,
remote monitoring and predictive maintenance for connected
assets. This enables us to turn big data into insights, transforming
facilities, reducing asset downtime and saving energy and money
for our customers.
People
We are one of the UK’s largest employers of trained and multi-
skilled engineering professionals. We attract and retain the best
talent with expertise in all core asset classes and from across
multiple industries.
Key statistics
• 1,000+ locally based mobile engineers across the country
• 2.5m assets maintained for our customers
• 6.3m square feet of critical space maintained
• 1.75m planned maintenance visits per year
• 15% energy and maintenance savings achieved
FY25 revenue
£
1.9
bn
(includes Projects revenue, other than
Advisory, Design & Build)
UK engineering market
Mitie Engineering revenue
by division
Top three competitors
CBRE
OCS
JLL/Integral
Market data sources: Frost & Sullivan 2024
Optimising
asset performance
and maximising
productivity
Growth drivers
• Tighter building codes, environmental
regulations and health and safety
requirements
• Demand for predictive maintenance
and remote monitoring to reduce asset
downtime and increase productivity
• Requirements to extend asset
lifecycles through proactive and intelligent
maintenance
• Increased public infrastructure investments
to narrow regional differences and meet
climate targets
• Net Zero ambitions to reduce waste,
energy usage and carbon emissions
Mitie
Competitors
A
B
C
A. Technical Services
76%
B. Business Services
13%
C. Communities
11%
13
Mitie Group plc
Annual Report and Accounts 2025
Strategic report
Governance
Financial statements
Delivering transformative,
data-driven engineering solutions
We leverage innovative technologies to deliver transformative, data-driven engineering solutions
that evolve with the needs of our customers.
Intelligent Process Automation (IPA)
Intelligent Process Automation (IPA) is a key pillar
of our AI strategy. For example, during the year,
we implemented an autonomous AI email agent for
our engineering helpdesk to automate the process
of raising service requests and responding to status
updates. On receipt of an email from the customer,
this innovative solution is able to analyse text and
images to promptly diagnose the issue, raise the
service request, log it in Maximo and respond to
the customer, without human intervention.
The agent is live for eight customers and has
processed over 21,000 emails, raising over 5,500
service requests and saving over 900 hours of time
within the helpdesk team. It drives efficiencies and
enhances the customer experience by ensuring
prompt and accurate responses and improved first-
time fix rates. The AI email agent will be rolled out
to wider engineering helpdesk customers in FY26.
MiJobs mobile engineer app
We are transitioning our MiJobs mobile engineer app
to a new platform to enhance data accuracy from
connected assets and first-time fix rates. We have
also upgraded our Maximo systems to MAS 9.0,
enabling AI features in core engineering processes.
HARK
To enhance our predictive engineering capabilities,
we are migrating our Internet of Things (IoT) platform
to HARK, a cloud-based platform for collecting
and analysing real-time data using building sensor
technology and remote monitoring. This platform
enables our customers to improve their buildings’
energy efficiency and sustainability, extend asset
lifecycles, optimise space utilisation and improve
indoor air quality.
Mozaic 360
We have integrated our ‘intelligent’ solutions
into Mozaic360 – a unified platform that enables
customers to monitor service, asset and environment
performance, manage their contracts and conduct
benchmarking analysis efficiently across all services
delivered by Mitie.
14
Mitie Group plc
Annual Report and Accounts 2025
Intelligent Projects
OUR CORE CAPABILITIES
£
1.2
bn
Bringing together our
capabilities across
the Group, we are a
leading UK projects
business, serving both
public and private
sector customers
Our position
What sets us apart
Full asset lifecycle approach
We offer an unrivalled range of projects across all asset classes
through the full cycle of consult, design, deliver and maintain.
We solve big picture challenges for our customers, from
decarbonisation strategies to workplace programmes and
building technology solutions.
Technology and innovation
Our Projects Centre of Excellence drives innovation and
improves productivity. It oversees operational standards and
manages our Projects technology platform which includes
design technologies, building information modelling, project
management tools and building sensor technologies.
Scale
We leverage our national scale and leadership in the UK to
upsell projects work as we continue to grow our capabilities
organically and through infill M&A.
Operational highlights
• Projects Centre of Excellence
• 2,200 highly skilled project managers
• 300+ consulting professionals
• 5,000+ projects delivered annually
• c.80% of revenue from core Mitie customers
• c.£250k typical project value
• 1–3 months typical length of project
FY25 revenue
Transforming
estates, workplaces
and customer
experience
Accelerating
the path to
Net Zero
Market size
£
12
bn
Investment needed
for UK to achieve
Net Zero by 2050
£
1.4
trn
Market size
£
3
bn
Buildings infrastructure
Decarbonisation
technologies
Fire & security
NG Bailey
TClarke
Dalkia
Briggs & Forrester
Morrisons
Growth drivers
• Decarbonisation of real estate portfolios
to meet regulatory requirements and
Net Zero ambitions
• Investment in workplaces to make them
more user-centric and ‘commute-worthy’,
and improve productivity
• Capital deployment into asset lifecycle
upgrades to improve performance
• Accelerated growth in sectors such as
data centres, healthcare and logistics
• Significant upgrades to National Grid
networks and investment in battery and
renewable energy solutions
• Continued roll-out of 5G mobile
telecoms networks
Mitie revenue
(£m)
1,000
800
600
400
200
0
FY
22
FY
23
FY
24
FY
25
Mitie revenue
(£m)
200
150
100
50
0
FY
22
FY
23
FY
24
FY
25
Mitie revenue
(£m)
120
100
80
60
40
20
0
FY
22
FY
23
FY
24
FY
25
16%
CAGR
31%
CAGR
100%
CAGR
Representative
competitors
Market data sources: ONS, OBR, independent research commissioned by Mitie
15
Mitie Group plc
Annual Report and Accounts 2025
Strategic report
Governance
Financial statements
1
5
2
6
3
7
4
8
G2 Energy/ESM Power
• Power connections
• Battery storage
• Private networks
Rock Power
Connections
• EV infrastructure
Custom Solar
• Solar PV
JCA
• Principal contractor
• Design and build
• MEP fitout
RHI Industrials
• Physical security
• Fencing
• Hostile vehicle
mitigation
• Gates and barriers
• Earthing systems
• CCTV
GBE Converge/
Argus Fire
• Fire & security
• Fire protection
and suppression
• Electronic security
• ICT networking
Mitie Telecoms
• Telecoms infrastructure
Mitie
• IFM, including:
– Security guarding
and vetting
– Engineering
maintenance
– Hygiene services
– Landscaping
Enhancing our in-house capabilities through infill M&A:
Delivering full lifecycle projects
in critical environments
Mitie delivers a range of complex engineering projects, including in critical environments such as the
rapidly growing data centre sector. In this sector, we combine our in-house expertise with that of
our infill acquisitions to provide a full lifecycle suite of consult, design, deliver and maintain capabilities,
enabling the creation of sustainable data centres to power the AI revolution. During the year we have
worked with leading operators, including Ark Data Centres, Kao Data, Severfarm and Visa.
06
06
03
06
08
08
08
06
06
04
04
04
04
01
01
05
05
02
07
8
7
2
4
1
1
4
4
4
6
6
6
6
6
8
8
5
5
3
16
Mitie Group plc
Annual Report and Accounts 2025
Intelligent Security
OUR CORE CAPABILITIES
Market size
£
8.6
bn
£
1.1
bn
(includes Projects revenue)
#
1
in UK
Leading converged security
services provider
Mitie market share
13
%
Projected market growth
3
% p.a.
Our position
What sets us apart
Intelligence
Our team of dedicated analysts review large-scale data sets
from intelligence software platforms and open-source data feeds
to monitor crime and incident trends, enabling our customers to
make informed decisions and implement security measures.
Technology
Through our Intelligence Security Operations Centres (ISOCs),
we deliver sophisticated, technology-led solutions to support our
customers’ complex security needs and changing risk profiles.
Alongside our proprietary intelligence software, Merlin 24/7
Protect, technologies include AI video analytics and biometrics.
People
We attract the best people, including former police officers and
military and intelligence professionals, with a deep understanding
of operational intelligence and the expertise to win, retain and
transform large security contracts.
Key statistics
• 25,000 security professionals
• 200 intelligence analysts and assurance professionals
• Two ISOCs (Northampton and Craigavon)
• 18 dedicated customer centres within our ISOCs
• 73,000 fire & security systems maintained
• 18,000 CCTV and alarm systems monitored
• 120,000 lone workers protected by our systems
FY25 revenue
UK security market
Mitie Security revenue by type
Top three competitors
G4S
OCS
Securitas
A. Security services/SOCs
79%
B. Fire & security
17%
C. Emergency response
2%
D. Intelligence services
2%
Mitie
Competitors
A
B
CD
Note: Substantially all of Mitie’s Security
revenue is delivered through the Business
Services division.
Market data sources: Frost & Sullivan 2024, independent research commissioned by Mitie
Protecting
people, property
and assets
Growth drivers
• Shift towards a more holistic approach in
response to the evolving threat landscape
• Increasing business crime (e.g. theft, fraud
and antisocial behaviour)
• Advances in complex, integrated security
and building management systems with
networked solutions and remotely
managed services
• Demand for data analytics, automation and
AI-enabled systems and services
• New legislation including: the Fire Safety
Act 2021; Building Safety Act 2022;
Worker Protection Act 2023; Terrorism
(Protection of Premises) Act 2025
• Enabling Safer Communities to tackle
evolving societal changes impacting
community safety and security
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Mitie Group plc
Annual Report and Accounts 2025
Strategic report
Governance
Financial statements
Enabling Safer Communities through
intelligence, technology and people
Society is changing. Crime and protests are on the rise, including increasing violence against women and
girls and greater risks to retail workers. There have been 15 domestic terror attacks in the UK (excluding
Northern Ireland-related terrorism) over the past eight years, yet less than a third of businesses currently
provide their staff with specialist training on how to respond in the event of a terrorist incident.
New legislation, such as the Worker Protection Act 2023 and the Terrorism (Protection of Premises)
Act 2025, increase the requirements for business owners and those responsible for buildings to protect
their people and the safety of the public.
At Mitie, we are uniquely positioned through our intelligence, technology and people to ensure that
customers have all the information they need to make informed decisions, comply with new legislation
and meet their duty of care obligations.
From the moment an incident is reported, for example, via our WalkSafe or Merlin 24/7 Protection
apps, it flows through our intelligence hub and dedicated customer Security Operations Centres (SOCs),
creating a more complete picture of the threat and risk landscape and enabling Safer Communities.
WalkSafe
As part of our commitment to enabling Safer
Communities, Mitie entered into a partnership with
WalkSafe, combining their award-winning technology
with our experience as the largest security provider in
the UK. The WalkSafe app provides journey-sharing
features and a national Safe Space map, showing
venues across the UK in partnership with local
authorities and businesses that offer safety facilities.
It also has optional tracking features available, enabling
trusted friends to follow a user’s journey in real time,
should they need it.
Terrorism (Protection of Premises)
Act 2025
Mitie has played a significant role in shaping this new
legislation and is proactively engaging with customers
to develop and implement security best practice and
ensure the ongoing protection of people, property
and assets. This includes providing a range of security
services to help organisations remain compliant,
such as performing full physical risk assessments to
identify vulnerabilities and implement risk-based
protective measures. We also encourage wider team
member participation in training sessions, including
scenario tests and live exercises, ensuring that they
are equipped to respond in the event of an incident.
18
Mitie Group plc
Annual Report and Accounts 2025
Intelligent Hygiene
OUR CORE CAPABILITIES
Market size
£
8.6
bn
£
0.7
bn
#
1
in UK
The largest UK provider of
hygiene services
Mitie market share
8
%
Projected market growth
2
% p.a.
Our position
What sets us apart
Research & development
At our Cleaning & Hygiene Centre of Excellence (CHCoE),
we develop technology-led solutions (e.g. disinfection systems
and antimicrobial surface protectants). We use this centre
to showcase our capabilities, experienced colleagues and
commitment to innovation.
Technology
We combine sensor technology, cleaning robots, spill detect
computer vision and our proprietary platform, Merlin Connect,
to deliver demand-led cleaning solutions, improve cleaning
quality, ensure compliance with regulations and increase
productivity for our customers.
Sustainability
We use eco-friendly cleaning products and our demand-led
solutions to reduce energy and water usage for our customers.
Operational highlights
• 20,000+ highly trained colleagues
• CHCoE in Birmingham
• 40 NHS trusts supported
• 20m sq ft of retail space cleaned every day
• 1,000+ cleaning robots
• UK’s largest robotic cleaning fleet at Heathrow Airport
FY25 revenue
UK cleaning & hygiene market
Mitie Hygiene revenue by division
Top three competitors
ISS
OCS
Sodexo
A. Business Services
71%
B. Communities
27%
C. Technical Services
2%
Market data sources: Frost & Sullivan 2024
Creating
healthier and more
sustainable spaces
Mitie
Competitors
A
B
C
Growth drivers
• Requirement for hygiene in critical
environments such as hospitals
• Improving the user experience through
healthier working environments
• Customer social goals, energy management
and carbon reporting requirements
• Demand for eco-friendly cleaning products
and greener estates
• Advances in robotics and sensor
technology optimising service delivery
• Data and advanced analytics creating
opportunities to deliver higher quality
hygiene services at lower cost