Gloucester-headquartered Mears Group, a leading provider of services to the UK Housing sector, has reports a strong revenue recovery, with Group revenues up nine per cent year-on-year to £878.4 million.
Operating margins continue to strengthen and adjusted profit before tax is at the top end of market expectations at £25.6 million, compared to a £3.4 million loss last year.
During the year, Mears was awarded the Residential Living Accommodation Project contract providing a wide range of housing services to the Defence Infrastructure Organisation, part of the MOD.
It also started work on a Ministry of Justice transitional housing contract award.
Mears Group order book now stands at £2.4 billion.
David Miles, Chief Executive Officer of the Group, said: “These results are testament to the strength of the Group’s high-quality operations, trusted customer relationships and collaborative approach. The positive trading performance across revenues, profits and cash was driven by good pipeline conversion, successful cost management and long-term investment in our people and our systems. The year has started well and Mears is well-positioned to manage the sector-wide inflationary cost pressures.
“We are trusted partners to our Local and Central Government clients who increasingly recognise the need for a high quality, housing specialist to help them provide a broad range of housing solutions. With the fundamentals of our business in such good shape and the long-term challenges of affordable housing, public health and climate change high on the political agenda, we believe we are the housing partner of choice and look to the future with confidence.”