Mitie Group PLC says full-year profit, revenues to be in line with guidance
The facilities management company saw “continued improvement” in calendar year-stop net financial debt, which was £80mln
Mitie Team PLC () reported that running gain before other items and revenues for the calendar year to 31 March will be in line with assistance despite the coronavirus crisis.
In a buying and selling update, the facilities management company reported there was “continued improvement” in calendar year-stop net financial debt, which was £80mln.
Examine: Mitie withdraws assistance as coronavirus outbreak escalates
Average day-to-day net financial debt for the second half of the calendar year was £216mln, against £287mln the calendar year before.
The preliminary benefits will be unveiled on twenty five June rather of 4 June as at first planned, pursuing the Money Perform Authority’s guidelines to increase accounts deadlines due to lockdown limitations.
“We see Mitie as hugely uncovered to Coronavirus relative to other outsourcers, given its 70% non-public sector exposure,” analysts at Liberum commented in a be aware.
“We believe that that Mitie experienced also substantially financial debt heading into the pandemic and will have an even weaker covenant coming out.”
Shares were flat at sixty four.8p on Tuesday morning.