Mitie has issued a statement in which it says it is enjoying strong trading performance while having also negotiated a more favourable revolving credit facility.
The group says that performance levels have continued in similar vein to those reported in its first-quarter trading update in July, supplemented by further Covid-related contract awards. Although the contribution from these contracts is expected to decline in the second half of the year, the group is increasing ITS operating profit expectations for the financial year 2022 to £145 million-£155 million.
Integration of the Interserve FM business into the Mitie group is “performing well” and “on track” for completion in November.
Mitie has also agreed on terms with DNB (UK) Ltd, Lloyds Bank plc, Santander UK plc, Landesbank Baden-Württemberg (LBBW) and National Westminster Bank plc for a £150 million revolving credit facility. This will run for a period of four years from September 2021, with the option to extend for a further year.
This credit facility replaces the £250 million facility put in place in June 2020; the group claims the new arrangement is on “significantly more favourable” terms.
The company’s official half-year results will be based on its new divisional structure following the integration of Interserve’s FM business. These will be published on Thursday 18 November 2021.
Mitie acquired Interserve’s FM business in December 2020. The group now employs 75,000 people.