Disclosure of LTIP 2020 performance targets

RNS Number : 9072N

MITIE Group PLC

03 February 2021

 

3 February 2021

Mitie Group plc

LEI number: 213800MTCLTKEHWZMJ03

Mitie Group plc (the "Company") - Disclosure of Long-Term Incentive Plan performance condition targets

Further to the announcement made on 12 August 2020, in which the Company disclosed the options over Ordinary shares of 2.5 pence each in the Company   granted to both Phil Bentley and Peter Dickinson under the Company's Long-Term Incentive Plan, the Company confirms the performance condition targets that apply to the awards are as follows:

Performance measure	Weighting	Performance range	Vesting of portion of the award (performance period 3 years ending 31 March 2023)
Earnings Per Share (EPS) growth	50% of the award	6% - 12% compound annual growth	Zero vesting if EPS growth, as adjusted by the Committee as appropriate, is less than 6% per annum. If EPS growth is equal to 6% per annum, 25% of this portion of the award will vest. If EPS growth is equal to 9% per annum, 70% of this portion of the award will vest. If EPS growth is equal to or above 12% per annum, 100% of this portion of the award will vest. Between these three points, the proportion of awards vesting will be determined on a linear sliding scale basis. For the purpose of measuring growth under this target, EPS for the base year ending 31 March 2020 shall be 5.0p.  This figure is to ensure consistency of comparison with the final year ending 31 March 2023 and was considered by both the Audit Committee and Remuneration Committee to appropriately take account of the 2020 rights issue.
Cash conversion	50% of the award	80% - 90% per annum	Zero vesting if cash conversion is less than 80% per annum.  At 80%, 25% of this portion of the award will vest. At 85%, 70% of this portion of the award will vest. At 90% or above, 100% of this portion of the award will vest. Between these three points, the proportion of awards vesting will be determined on a linear sliding scale basis.

- Ends -

For further information, contact:

Claire Lovegrove

Head of Media Relations

M: [phone]

E: [e-mail]

Fiona Lawrence

Group IR Director

M: [phone]

E: [e-mail]

Peter Dickinson

Chief of Staff and General Counsel

M: [phone]

E:  [e-mail]

Notes for editors

About Mitie

Founded in 1987, Mitie is the UK's leading facilities management (FM) and professional services company. We offer a range of services to Central Government & Defence and Communities (Hospitals, PFI schools and Local Authorities to the Public Service); and Technical Services (Engineering Services, Energy, Water and Real Estate Services) and Business Services (Security, Cleaning and Office Services) to mainly Private Sector clients in Financial Services, Manufacturing, Transport, Retail and Telecoms; and Specialist Services (Care & Custody, Landscapes and Waste Management) both Public and Private Sectors.

Mitie, which includes Interserve's FM business from 1 December 2020, employs 77,500 people and is the champion of the 'Front-Line Heroes' who have kept Britain running during the COVID-19 pandemic. Our mission to take care of our customers' people and buildings, by delivering essential services and deploying industry leading technology to create safe and effective workspaces, has never been more important.

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 .

 

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