Mitie’s revenue in April and May 2020 was £301.4 million – 12 per cent lower than the same period last year – the company has stated in its financial results.
This includes 3 per cent revenue decline as a result of contract maturities and Covid-19 revenue decline from reduced discretionary project work, said the company.
FY19/20 revenue of £2,174 million was 4 per cent ahead of the prior year with flat organic revenue growth.
The statement has been published as the company acquires Interserve’s support services division.
Phil Bentley, group chief executive, said: “Mitie has delivered another year of solid results, making good progress against our strategy. Today’s announcement of a £201 million rights issue will strengthen our balance sheet against an extended Covid-19 impact, secure bank refinancing and provide a platform for growth opportunities.
“We are pleased to have signed a sale and purchase agreement to acquire Interserve’s Facilities Management. This will be a transformative acquisition, expanding the scale and footprint of our business to create the UK’s largest facilities management company and accelerate the delivery of Mitie’s long-term technology-led vision.
“The transaction will better balance our public and private sector divisions; driving greater returns from the investments we have made in technology and customer service over the past three years. Together, we will create a true UK Facilities Management champion and partner to UK business, with over 77,500 exceptional employees.”
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