Mitie Group PLC says full-year profit, revenues to be in line with guidance

The services administration company observed “continued improvement” in year-finish net financial debt, which was £80mln

Mitie Team PLC () reported that functioning financial gain prior to other goods and revenues for the year to 31 March will be in line with guidance in spite of the coronavirus disaster.

In a trading update, the services administration company reported there was “continued improvement” in year-finish net financial debt, which was £80mln.

Read through: Mitie withdraws guidance as coronavirus outbreak escalates

Typical everyday net financial debt for the 2nd 50 % of the year was £216mln, versus £287mln the year prior to.

The preliminary outcomes will be released on 25 June alternatively of four June as at first planned, adhering to the Monetary Conduct Authority’s rules to prolong accounts deadlines due to lockdown restrictions.

“We see Mitie as hugely uncovered to Coronavirus relative to other outsourcers, provided its 70% personal sector publicity,” analysts at Liberum commented in a be aware.

“We imagine that Mitie experienced also considerably financial debt heading into the pandemic and will have an even weaker covenant coming out.”

Shares had been flat at sixty four.8p on Tuesday early morning.