Full Year 2019 Mitie Group PLC Pre-close Trading Statement Call Transcript
Hello, and welcome to the Mitie pre-close announcement. (Operator Instructions) And please note that this call is being recorded.
Today, I am pleased to present Phil Bentley, CEO; and Paul Woolf, CFO. Please begin your meeting.
Good morning, Marinella, I think it was. Good morning, everybody. It's Phil and Paul here. Yes, look, I think we said -- put out an announcement this morning to show we're making steady progress: revenue growth, including VSG, between 7% or 8%; our underlying organic, reasonable progress; operating profit, probably, it's a little bit down on where market forecast was. I suspect part of that is the adjusted position in the previous year. The market cap was slightly higher than that, so we're coming off a slightly lower base, as you saw. But there's some reasonable progress across Engineering, other parts of our business there. I think we're pleased with the progress we've been making on reducing net debt and normalizing our working capital issues post the
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