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LONDON - Mitie Group plc, the UK’s facilities management company, announced Tuesday it is launching a new £100 million share buyback program following what it described as a strong first half of fiscal year 2026.
The program will commence immediately and is expected to complete within 12 months, according to a company press release. Approximately 3 million shares will be held in treasury to satisfy the 2022 Save As You Earn scheme vesting in February 2026, with remaining purchased shares to be canceled.
Mitie has engaged Peel Hunt LLP to execute the buyback, which will run from October 14, 2025, through September 30, 2026. Peel Hunt will make independent trading decisions regarding the timing of share purchases.
The company indicated its leverage ratio is currently around 1.0x following its recent acquisition of Marlowe plc, and expects this to quickly reduce through free cash flow generation and increasing profitability.
The buyback aligns with Mitie’s capital deployment policy, which prioritizes a progressive dividend at a payout ratio between 30-40% and maintaining leverage within its 0.75-1.5x target range. The company stated it will continue to pursue strategic acquisition opportunities while remaining committed to returning surplus funds to shareholders.
The share repurchase program will be conducted within parameters set by shareholder authorization at Mitie’s 2025 Annual General Meeting and in accordance with UK Listing Rules and Market Abuse Regulation provisions.
Mitie employs approximately 80,000 people and provides facilities management services to around 3,000 customers across public and private sectors in the UK.
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