(Adds details on outlook, background, CEO quote)
March 27 (Reuters) - Mitie does not expect to pay a
dividend this year if overall trading does not improve and has
taken steps to cut some costs due to the coronavirus crisis, the
British outsourcing firm said on Friday, while saying much of
its business was still operating.
Mitie said it had identified 25 million pounds ($30.51
million) in overhead cost savings and would be cutting board and
executive pay for the next three months in response to the
crisis.
But it also listed business including a raft of essential
services it helps provide in the public sector, including to the
NHS, the police and the Bank of England, which were still fully
operational and others which were working at "close to normal"
levels.
The company, which manages and maintains some of London's
landmarks, together with high street buildings and homes, said
it was looking at additional support through the Coronavirus Job
Retention Scheme, which will help "furlough" rather than lay off
some staff.
"The board is therefore confident that the combination of
its existing lending facilities, government support measures and
the current actions being undertaken, Mitie will be able to meet
the challenges arising from COVID-19 in the near term," Chief
Executive Officer Phil Bentley said.
Mitie had said earlier this year that it expected its annual
organic revenue growth to be flat in the current fiscal year as
public sector activity slowed.
($1 = 0.8193 pounds)
(Reporting by Yadarisa Shabong and Indranil Sarkar in
Bengaluru; Editing by Shailesh Kuber, Bernard Orr)
Mitie (MTO)
