Mitie CEO Phil Bentley Confident of Firm’s Growth Beyond His Retirement
Mitie’s Financial Performance and Strategic Outlook
By Raechel Thankam Job and Yadarisa Shabong
June 4 (Reuters) - British outsourcer Mitie posted double-digit revenue and profit growth on Thursday, and CEO Phil Bentley said his turnaround plan would set the group up for further growth even after he retires by the end of this fiscal year.
CEO Phil Bentley’s Vision for Post-Retirement Growth
"We don't want people saying, well, what's next," Bentley told Reuters, as analysts question the next leg of Mitie's growth story following the completion of the turnaround in fiscal 2027 and Bentley's exit after a decade in the role.
"The answer to what's next is what we're already doing; we're setting up for growth in the following (FY28) period," he said.
Strategic Targets and Investments
Bentley said he was confident about meeting the three-year strategic targets laid out in 2023, aided by investments in agentic AI and Mitie's ability to offset rising costs linked to the Middle East conflict.
Leadership Transition and Succession Planning
Bentley, who has led Mitie since 2016, plans to retire by the end of March 2027 once a successor is in place. The company said succession plans are well underway.
Financial Highlights and Market Drivers
Mitie reported a 10.5% rise in revenue to £5.62 billion ($7.55 billion) for the year to March 31, driven by new contract wins.
Key Services and Growth Sectors
The company provides security, cleaning and engineering services, has benefited both from its acquisition of compliance specialist Marlowe and from new contracts capitalising on increased government spending on water infrastructure and power grids, as well as from booming demand for data centre development.
Profit Growth and Analyst Expectations
Adjusted operating profit rose 13% to £264.1 million, beating LSEG analyst estimates of £254.88 million, helped by cost savings and synergies from the Marlowe integration.
Major Clients and AI-Driven Investments
The company delivers mechanical, electrical, cooling and security systems for hyperscalers and supports clients including Microsoft, Google and Equinix, with growing AI-driven investments expected to boost margin expansion toward its FY25-27 strategic targets.
Share Performance and Market Reaction
Mitie's shares rose 2.4% on Thursday and have risen more than four-fold since the turnaround plan was launched in October 2023.
Additional Information
($1 = 0.7446 pounds)
(Reporting by Raechel Thankam Job in Bengaluru; Editing by Ronojoy Mazumdar and Sonia Cheema)
