Trading strengthens at Gloucester based housing services provider Mears Group

Mears Group

Trading has strengthened at Gloucester-based Mears Group PLC, which provides services to the UK’s housing sector.

For the full financial year, to December 31, the company expects to deliver revenues of around £850m slightly ahead of management expectations and adjusted profit before tax of  around £25 million towards the top end of its previously stated range.

The company said this improved trading performance has been driven by good demand in reactive maintenance as clients prioritise the clearance of repair backlogs and by continued elevated volumes within the group’s management-led contracts. However, planned maintenance revenues have been slower to return to pre-pandemic levels. Inflation in the supply chain and the availability of materials and labour costs have remained manageable, the company added.

The Board said it is encouraged by recent trading and the growing number of opportunities emerging across the group.

David Miles, Chief Executive Officer of the Group, said: “I am delighted at the strong financial performance of the Group and the business remains firmly on track to deliver revenues and adjusted profit before tax for the full financial year at the top end of our previous guidance.

“We are trusted partners to our clients and our customer and colleague satisfaction data remain at the high levels we demand of ourselves, despite a challenging operating environment.

“With these 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 at local and central Government, we look forward to the future with confidence.”