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Gloucestershire Business News

Mears boss 'delighted' at how the group has started 2021

Chief executive of Gloucester-based Mears Group said he is delighted at how the group has started the new year, after a resilient 2020.

As part of a trading update, the housing and care provider said it expected to deliver second half revenues of £413m, for the period ending December 31. This is up from £398m in the first half of the year.

It also predicts a second half profit before tax of around £4.7m, up from a £8.2m loss in the first half.

The board said it was pleased with the resilient trading and liquidity performance of the group during the first quarter of 2021 and is confident of a full recovery as lockdown restrictions are lifted.

David Miles, CEO of Mears, said: "I am extremely proud of the resilience shown by the Group during a year which has seen unprecedented challenges.

"Notwithstanding the fact that much of the energy and focus in 2020 was expended in reacting to the operational challenges brought by Covid-19, it is pleasing that the Group made strong progress against all its key strategic objectives.These were to refocus on housing activities, significantly to reduce indebtedness and to improve the returns which we obtain on our invested capital.

"Notwithstanding the headwind of a third national lockdown, I am delighted at how well the Group has started the new year."

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