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

Mitie Group PLC () said that operating profit before other items and revenues for the year to 31 March will be in line with guidance despite the coronavirus crisis.

In a trading update, the facilities management firm said there was “continued improvement” in year-end net debt, which was £80mln.

READ: Mitie withdraws guidance as coronavirus outbreak escalates

Average daily net debt for the second half of the year was £216mln, against £287mln the year before.

The preliminary results will be released on 25 June instead of 4 June as originally planned, following the Financial Conduct Authority’s guidelines to extend accounts deadlines due to lockdown restrictions.

“We see Mitie as highly exposed to Coronavirus relative to other outsourcers, given its 70{f08ff3a0ad7db12f5b424ba38f473ff67b97b420df338baa81683bbacd458fca} private sector exposure,” analysts at Liberum commented in a note.

“We believe that Mitie had too much debt going into the pandemic and will have an even weaker covenant coming out.”

Shares were flat at 64.8p on Tuesday morning.