Full Year 2022 Mitie Group PLC Earnings Call Transcript
Okay. Good morning, everyone. Welcome to Mitie's FY '22 Annual Results Presentation. We are broadcasting, as usual, live from here in The Shard, so welcome, everybody. As usual, I'll make some introductory remarks, and then hand over to Simon on the detailed financial results. And afterwards, I'll pick up where we are from a strategic point of view.
So in summary, we had a very strong year financially, record revenue, profits and cash generation. And clearly, our rapid-response COVID-related contracts had been a key contributor as we won more business and scaled up our delivery throughout the year, as has a 12 -- full 12 months of contribution from Interserve. But even after excluding these factors, our underlying revenue grew by 14% and has now recovered to pre-COVID levels.
Interserve has performed ahead of expectations with good synergy delivery and good project growth in particular. Profits and margins have improved. Free cash flow was strong, helping to finance a number of acquisitions of high-growth, high-return
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