Gloucester headquartered social care provider Mears has published its full year results.
While Group revenues are down by over three per cent to £869.8 million, the company has reported an order book increasing to £3.2billion. The company also said that the integration of recently acquired Mitie Property Services (‘MPS’) is proceeding well and remains on-track.
David Miles, Chief Executive Officer, Mears, said: “I am pleased by the progress made by Mears in 2018. Over recent years, the significant strategic evolution of the business has provided access to opportunities that would previously have been out of our reach. This is clearly demonstrated by our recent award by the Home Office of three Asylum Accommodation and Support Contracts. This is the largest award secured in our history and valued at over £1 billion over the next 10 years.
“Notwithstanding the progress made to ensure that Mears is well placed to benefit as our markets develop, I equally realise that the financial benefits have taken longer to come through than expected and that shareholders would like to see active steps taken to address this, particularly in respect of net debt, capital allocation and cash generation. Whilst we will never lose our long-term approach, the Board is considering how Mears can ensure that it retains its competitive advantage, as well as placing greater emphasis on working capital requirements and implications for the Group balance sheet. I expect further progress in 2019.”