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Services group Mitie says it has been 鈥渁ctively engaging鈥� with investors in recent months as it seeks to turn its fortunes round after posting a 拢21.6m loss last year.

The firm is currently shedding nearly 500 jobs as part of a corporate overhaul and said it had 鈥渓argely concluded鈥� a transformation in its finances, while it was 鈥渃omfortably within its banking covenants鈥�.

In a pre-close trading update, Mitie said net debt for the year to the end of March was likely to be between 拢50m and 拢70m higher than last year鈥檚 figure 拢147m.

The group said revenue growth for the year would be in the region of 2% to 2.5% at 拢2bn.

What it called 鈥渟olid performances鈥� in all divisions had been partly offset by a weak showing by its property management arm, an operation it had planned to sell but withdrew from the table last December.

Mitie said its restructuring programme was expected to be finished by the summer 2020 and would deliver around 拢50m of overall run-rate savings, 10% higher than previously forecast, by March of that year.

Costs associated with the programme, called Project Helix, would be 拢35m in the current financial year, instead of the previously forecast of 拢24m.

The main causes of the increase were the speed with which it was consolidating its property portfolio and what Mitie called 鈥渉igher transformation-related consultancy support鈥�.

Phil Bentley, Mitie鈥檚 chief executive, said the liquidation of Carillion had raised 鈥渟ome fundamental questions about the outsourcing industry.

鈥淢anaging the buildings and the workplaces of our clients is a complex business, but our expertise, scale and focus continue to be valued by our clients.

鈥淭he year ahead will remain challenging as we continue to transform Mitie, but we expect to see modest revenue growth with improved profits and cash flow generation.鈥�

The firm is due to publish its full year results for the 12 months to the end of March on 7 June.