MITIE Group PLC Trading Update (8247M)
24 September 2021 - 3:59PM
UK Regulatory
TIDMMTO
RNS Number : 8247M
MITIE Group PLC
24 September 2021
24 September 2021
Mitie Group plc
LEI number: 213800MTCLTKEHWZMJ03
Mitie Trading Update: Continuing strong performance in H1; new
financing facility in place
Mitie Group plc (Mitie or the Group), the UK's leading
facilities management company, today announces continued strong
trading performance for the year, and a new Revolving Credit
Facility (RCF).
In our first quarter trading update (on 27 July 2021) we
reported that we had made a strong start to the year to 31 March
2022 (FY22), boosted by the delivery of short-term COVID-related
contracts. This performance has continued in the second quarter,
supplemented by further COVID-related contract awards. Although the
contribution from these contracts is expected to decline in the
second half of the year, given the strong start that we have made,
we are increasing our operating profit before other items guidance
for FY22 to GBP145m - GBP155m.
Excluding COVID -related contracts, the business has continued
to perform in line with expectations, with the gradual recovery of
the economy and the return to work. The Interserve FM business is
performing well. The integration is on track, with the exit of the
Transitional Services Agreement expected to be completed in
November, and synergies are being delivered in line with our
plan.
Current market expectations for FY23 are unchanged, pending full
recovery of our discretionary variable and project work in our
Technical Services business to pre-COVID levels and until any
further COVID-related work is judged to be likely in FY23.
In addition, the Group has agreed terms with DNB (UK) LTD,
Lloyds Bank PLC, Santander UK PLC, Landesbank Baden-Württemberg
(LBBW) and National Westminster Bank PLC for a new GBP150m
revolving credit facility for a period of four years from September
2021, with the option to extend for a further year. This new RCF
replaces the GBP250m facility put in place in the early days of the
COVID pandemic in June 2020, and is on significantly more
favourable terms.
Our half year results to 30 September 2021 will be published on
Thursday 18 November 2021, and will be presented for the first time
using the new divisional structure, following the integration of
the Interserve FM business.
-END-
This announcement contains inside information. The person
responsible for arranging the release of this announcement on
behalf of the Company is Peter Dickinson, Chief of Staff and
General Counsel.
For further information
Fiona Lawrence M: +44 (0)738 443 E: fiona.lawrenceIR@mitie.com
Group IR Director 9112
Claire Lovegrove T: +44 (0)203 123 E: claire.lovegrove@mitie.com
Head of Media Relations 8716
M: +44 (0)790 027
6400
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Richard Mountain M: +44 (0)7909684466
FTI Consulting
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About Mitie
Founded in 1987, Mitie's job is to look after places where
Britain works and is the leading facilities management company in
the UK. We offer a range of services to Central Government and
Defence customers; Communities (Healthcare, Education and Local
Authorities); and Technical Services (Engineering Services, Energy,
Water and Real Estate Services) and Business Services (Security,
Cleaning and Office Services) to Private Sector clients in
Financial Services, Manufacturing, Transport, Retail and Telecoms
and increasingly to the public sector. Finally, our Specialist
Services (Care & Custody, Landscapes and Waste Management)
division serves both the public and private sectors in these niche
businesses.
Mitie acquired Interserve's FM business in December 2020 and now
employs 75,000 people. We are the champion of the 'Front-Line
Heroes' who have kept Britain working during the COVID-19 pandemic.
We take care of our customers' people and buildings, through the
'Science of Service', delivering essential services and deploying
industry leading technology to create safe and effective
workspaces.
The business continues to execute its technology-led strategy
and in the past six months has received multiple awards .
Find out more at www.mitie.com .
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END
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