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  5. Mitie beefs up security arm with Compass acquisition

Pin to quick picksMitie Share News (MTO)

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Share Price Information for Mitie (MTO)

London Stock Exchange
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Share Price: 117.40
Bid: 117.20
Ask: 117.60
Change: 0.00 (0.00%)
Spread: 0.40 (0.341%)
Open: 117.20
High: 117.60
Low: 115.80
Prev. Close: 117.40
MTO Live PriceLast checked at -

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Mitie beefs up security arm with Compass acquisition

Mon, 08th Oct 2018 07:41

(Sharecast News) - Mitie has quickly deployed some of the cash from selling its pest control arm to one FTSE 100 group last week by snapping up a security services business from another blue chip giant.As part of a strategy to propel its existing security arm into becoming "the largest intelligence- and technology-enabled security business in the UK", Mitie will spend £14m cash to acquire Vision Security Group from catering specialist Compass Group. Last week the company's coffers were boosted by the £40m sale of its pest control business to Rentokil.Vision, which employees 6,000 staff at more than 1,400 locations, provides maned guarding and key-holding services and will be integrated into Mitie's Total Security Management business, which directors believe will help accelerate growth of its technology-enabled and intelligence-led security offering. The acquisition is expected to complete by the end of the month.As part of Compass, Vision made a loss before tax of £2.7m on revenue of £192.1m for the year to 30 September 2017 but is expected to report "modest profitability" for its most recent 12-month period."As a core part of Mitie, our security business has delivered a strong performance over the last three years, with sales growing by over 30%. This acquisition gives us the leadership position we seek to maximise value from our technology-led solutions," said chief executive Phil Bentley. As part of his transformation programme since taking over, Bentley has stressed that the highly competitive environment in the industry, especially around contract renewals, technology plays "an increasingly important part in differentiating our service delivery and improving margins".Analysts have suggested that Mitie, which last year aborted an attempt to dispose of its property management business after failing to find a buyer willing to pay enough, could be looking to sell off its catering wing.
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13 Jun 2024 16:15

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Mitie Group PLC - Glasgow-based facilities management - Third-largest shareholder sells 40.0 million Mitie shares through a placing run by broker Peel Hunt LLP. The shares are sold at 112 pence each, raising about GBP44.8 million for Alchemy Special Opportunities Fund IV LP, a London-based investment fund. The share sale is increased from the planned offer of 25 million shares that was announced by Peel Hunt after the London market close on Tuesday. Alchemy is now interested in 31.0 million Mitie shares, a 2.3% stake. Mitie will receive no proceeds from the sale, as it is of existing shares.

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(Alliance News) - Mitie Group PLC's third-largest shareholder is planning on selling over a third of its shares in the company, according to an announcement by Peel Hunt Ltd on Tuesday.

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