Mitie Regulatory News (MTO)

1 April 2022

Mitie Group plc

LEI number: 213800MTCLTKEHWZMJ03

Mitie Group plc - Mitie expands telecoms offering with the acquisition of P2ML

Mitie Group plc (Mitie or the Group) announces today that it has acquired P2ML, a specialist telecoms tower design house, which will further expand its Telecoms Acquisition, Design and Construction (ADC) capabilities following the acquisition of DAEL Telecoms last year.

P2ML has market leading expertise in providing design, construction, inspection and maintenance services for cellular telecoms infrastructure, enabling major network operators and tower owners to facilitate upgrades to their estates. This ensures that new technologies, such as 5G, can be implemented and optimised safely and to the highest standard.

P2ML will be acquired for a total consideration of £2.1m, on a cash free, debt free basis, with a normalised level of working capital. The acquisition will be funded from existing facilities. For the year ended 31 March 2021, P2ML reported revenue of £3.9m and operating profit of £0.5m. It will be accretive to earnings in the first 12 months of ownership.

Andy Train, Managing Director, Mitie Telecoms, said:

"The acquisition of P2ML is aligned with our growth and margin enhancement strategy to invest in companies in high growth markets with high margins, and provides an opportunity to further broaden our scale and expertise in the telecoms sector."

-ENDS-

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About Mitie

Founded in 1987, Mitie's job is to look after places where Britain works and is the leading facilities management company in the UK. We offer a range of services to Central Government and Defence customers; Communities (Healthcare, Education and Local Authorities); and Technical Services (Engineering Services, Energy, Water and Real Estate Services) and Business Services (Security, Cleaning and Office Services) to Private Sector clients in Financial Services, Manufacturing, Transport, Retail and Telecoms and increasingly to the public sector. Finally, our Specialist Services (Care & Custody, Landscapes and Waste Management) division serves both the public and private sectors in these niche businesses. 

Mitie acquired Interserve's FM business in December 2020 and now employs 75,000 people. We are the champion of the 'Front-Line Heroes' who have kept Britain working during the COVID-19 pandemic. We take care of our customers' people and buildings, through the 'Science of Service', delivering essential services and deploying industry leading technology to create safe and effective workspaces. 

The business continues to execute its technology-led strategy and in the past six months has received multiple awards. 

Find out more at www.mitie.com.