Completion of FY24 Share Buyback Programme

13 March 2024

Mitie Group plc

LEI number: 213800MTCLTKEHWZMJ03

Completion of FY24 Share Buyback Programme

Mitie Group plc ("Mitie" / the "Group") announces that it has completed the FY24 £50m share buyback programme, announced on 18 April 2023 (the "Share Buyback Programme").

Over the duration of the FY24 Share Buyback Programme, the Group purchased a total of 59m Ordinary Shares of 2.5p each ("Ordinary Shares") at an average price of 85p, of which 26m shares (representing c.2% of the Group's issued share capital) have been cancelled. 

The remaining 33m shares were purchased to satisfy awards vesting under the Group's 2020 SAYE scheme. As announced in Mitie's Q3 Trading Update on 25 January 2024, the Group has redeployed proceeds of c.£8m arising upon the exercise of these awards (being the discounted option price paid by the employee) into the further share purchases under the Share Buyback Programme, such that the net expenditure remains £50m.

In total, over the past two years, the Group has purchased 128m shares through share buyback programmes, at a net cost of £100m and average price of 79p, of which 95m shares (representing c.7% of the Group's issued share capital) have been cancelled.

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About Mitie

Founded in 1987, Mitie looks after the places where Britain works, and is the leading facilities transformation company in the UK. We offer a range of services to the public sector through our Central Government & Defence and Communities (Local Government & Education, Healthcare and Care & Custody) divisions. Our Technical Services (Engineering Services) and Business Services (Security, Cleaning, Landscapes, Spain and Waste) divisions serve private sector customers in areas such as Financial & Professional Services, Industrials, Retail and Transport, and increasingly the public sector.

Mitie employs 65,000 people. We take care of our customers' people and buildings, through the 'Science of Service', and we are transforming facilities to be more flexible, safe, sustainable, and attractive to all. Mitie continues to execute its technology-led strategy and in the past twelve months has received multiple industry awards including B2B Marketing Team of the Year, Best Low Carbon Solution and Net Zero Carbon Strategy of the Year. Targeting Net Zero by the end of 2025, our ambitious emissions reduction plans have also been validated by the Science Based Targets initiative (SBTi). We have been recognised as a UK Top Employer for the sixth consecutive year. Find out more at www.mitie.com.