Mears Group
PLC
("Mears", the "Group", or the
"Company")
Trading
Update
Strong trading
performance
The Group has experienced strong
trading in the first half of its 2024 financial year ('FY24') and
expects profit before tax to be ahead of both the prior year and
the Board's expectations. The strong first half performance has
benefited from continued elevated revenues in its Management-led
activities, further improvement in operating margins and strong
cash generation. The Board expects the outturn for FY24 to be
modestly ahead of current market
expectations1.
Lucas Critchley, Chief Executive
Officer of the Group, commented:
"Trading in the first half has been
excellent across the Group and this will be reflected in a strong
set of interim numbers in August. We have made good progress
in the first-half, with a focus on developing and broadening the
range of services we offer to clients. In addition, an increased
operational focus, making fuller use of the Group's IT system
capabilities, is resulting in operational and commercial
improvements, and is reflected in the continued progress in
operating margins."
Notice of results
The Group will announce its interim
results for the six months ended 30 June 2024 on Thursday 8 August
2024.
Note:
1 The Board consider the current consensus
analyst forecasts for FY24, prior to this announcement, to be
revenues of £999m and profit before tax of
£46.7m.
Certain information contained in
this announcement would have constituted inside information (as
defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior
to its release as part of this announcement and is disclosed in
accordance with the Company's obligations under Article 17 of those
Regulations.
For
further information, contact:
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Mears Group PLC
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Tel: +44(0)1452 634
600
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Andrew Smith
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Lucas Critchley
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Deutsche Numis
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Tel: +44(0)207 260
1000
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Julian Cater
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Kevin Cruickshank
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Panmure Gordon
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Tel: +44(0)207 886
2500
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Tom Scrivens
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James Sinclair-Ford
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About Mears
Mears is a leading provider of
services to the Housing sector, providing a range of services to
individuals within their homes. We manage and maintain around
450,000 homes across the UK and work predominantly with Central
Government and Local Government, typically through long-term
contracts. We equally consider the residents of the homes that we
manage and maintain to be our customers, and we take pride in the
high levels of customer satisfaction that we achieve.
Mears currently employs over 5,000
people and provides services in every region of the UK. In
partnership with our Housing clients, we provide property
management and maintenance services. Mears has extended its
activities to provide broader housing solutions to solve the
challenge posed by the lack of affordable housing and to provide
accommodation and support for the most vulnerable.
We focus on long-term outcomes for
people rather than short-term solutions and invest in innovations
that have a positive impact on people's quality of life and on
their communities' social, economic, and environmental wellbeing.
Our innovative approaches and market leading positions are intended
to create value for our customers and the people they serve while
also driving sustainable financial returns for our providers of
capital, especially our shareholders.
We focus on long-term outcomes for
people rather than short-term solutions and invest in innovations
that have a positive impact on people's quality of life and on
their communities' social, economic, and environmental wellbeing.
Our innovative approaches and market leading positions are intended
to create value for our customers and the people they serve while
also driving sustainable financial returns for our providers of
capital, especially our shareholders.