Mite Group Half Yearly

[idpickering]

Financial performance and key indicators

"• Operating profit before other items of £35.4m (HY16: £58.1m)

• The board has decided to withdraw from the domiciliary healthcare market and has placed the group's domiciliary healthcare business under strategic review. Our healthcare businesses will continue to fulfil all obligations but there will be no investment in new areas of this market. Mitie will manage its withdrawal in an orderly and responsible manner. The board has changed its long-term view of this market. All healthcare goodwill and intangibles have been written off

• Loss before tax of £(100.4)m (HY16:£45.1m) is stated after other items of £128.1m, including full impairment and write off of Healthcare goodwill and acquisition-related intangible of £117.2m and restructuring costs of £6.0m

• Dividend declared at 4.0p (HY16: 5.4p) (1.6x cover; HY16: 2.1x cover)

• Rolling 12 month cash conversion of 107.9% (HY16: 91.4%)

• Net debt at 30 September 2016 was £231.7m or 1.9 x EBITDA (HY16: £221.8m or 1.5x EBITDA)

• Healthy sales pipeline at £9.3bn (March 2016: £9.1bn) and order book at £7.7bn (March 2016: £8.5bn)

• 94% of 2016/17 budgeted revenue secured (HY16: 97%) and 65% of 2017/18 forecast revenue secured (HY16: 68%)"

And later;

"Dividend



The group has a strong track record of dividend growth and it is the Board's policy to set dividends at least in line with the development of the underlying earnings of the group, whilst maintaining dividend cover at a prudent level.



The interim dividend declared by the Board of 4.0p per share (HY16: 5.4p per share) represents a decrease of 25.9% on the prior year. The dividend represents a cover of 1.6 times earnings before other items per share. The reduction in interim dividend is reflective of current underlying performance.



During the first half, cash dividends of £23.3m were paid to shareholders (HY16: £23.1m). The proposed interim dividend for the six months ended 30 September 2016 was approved by the Board on 21 November 2016 and will be paid on 1 February 2017 to shareholders on the register at close of business on 16 December 2016"

disc - No position

http://www.investegate.co.uk/mitie-grou ... 00106522P/

[Gengulphus]

This seems to be a slightly altered version of http://lemonfool.co.uk/viewtopic.php?f=15&t=798 - so I'd suggest that anyone who wants to discuss it goes there to do so. No point in fragmenting the discussion!

Gengulphus