**Mitie Group PLC H1 FY26 Trading Update Summary**
**Key Highlights**
**Revenue Growth** Mitie reported a 10% increase in revenue to £2.7 billion for H1 FY26 (ending September 30, 2025), including 6.1% organic growth driven by contract wins, pricing, and higher project volumes.
**Contract Wins** Secured £3.0 billion in contract wins/extensions/renewals, with a record £31 billion pipeline of bidding opportunities. Notable wins include Aviva, Home Office, and Transport for London.
**Marlowe Acquisition** Completed in August 2025, the integration is progressing well, with expected £30 million in cost synergies by FY28 and accelerated revenue growth through cross-selling.
**Financial Position** Strong financial health with post-IFRS 16 average net debt of £332 million and leverage of 1.0x, within the target range of 0.75-1.5x.
**Profit Guidance Upgrade** Operating profit guidance raised to at least £260 million for FY26, up from £234 million in FY25, supported by strong trading momentum and Marlowe integration benefits.
**Share Buybacks** Resumed with a new £100 million programme over 12 months, bringing total buybacks since FY23 to £303 million.
**Free Cash Flow** Expected to be at least £120 million in FY26, with continued focus on growth and shareholder returns.
**CEO Comment (Phil Bentley)**
Bentley highlighted Mitie’s continued momentum, progress in delivering its Strategic Plan, and the transformative impact of the Marlowe acquisition. He emphasized confidence in resuming share buybacks and achieving financial targets.
**Outlook**
Mitie remains on track to meet its FY25-FY27 Strategic Plan goals, with a focus on growth, profitability, and shareholder value. Interim results will be released on November 20, 2025.
**About Mitie**
Mitie is the UK’s leading Facilities Management, Transformation, and Compliance company, employing 80,000 people and serving 3,000 customers across public and private sectors. It holds strong ESG credentials and is recognized for its apprenticeship and inclusive employer status.