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Gloucestershire Business News

Half year results for Mears

Housing and social care provider, Mears Group PLC reported a rise in its profit and revenue in its half-year results, driven by the company's management-led activities.

The firm said pre-tax profit in its six months ended June 30 was up 18% to £21.2 million, from £17.9 million. Revenue in its first half was up 8.0% to £525.6 million, from £485.0 million year-on-year.

Mears commented that this boost was driven by elevated revenue within the group's management-led activities.

David Miles, chief executive officer said: "We are delighted to deliver strong results for the first half year, with record levels of revenues, profits, and daily net cash. This strong momentum is expected to continue through the second half, and we have today further increased our financial 2023 guidance."

Net debt reduced to £111.9 million, from £122.1 million at the same point the year before. Adjusted net cash was £116.1 million on June 30, compared to £89.9 million in the year prior. Mears Group declared an interim dividend of 3.70 pence per share, up 14% from 3.25p the prior year.

Mears said it anticipates revenue for its full year of revenue of £ 1 billion and an adjusted pre-tax profit of £40.0 million. This would be up from revenue of £959.6 million and adjusted pre-tax profit of £35.2 million in 2022.

Mears said: "The board is delighted at the positive start to 2023 and this momentum has continued into the second half."

Mears employs 5,400 staff across the UK and is headquartered at Gloucester Business Park, Brockworth. The firm manages 17,000 homes for local and central Government, as well as maintaining 750,000 social homes.

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