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Gloucestershire Business News

Mears Group reports strong trading

Gloucester headquartered housing services provider Mears Group has seen strong trading in the first half of the year.

It told investors it expects its result for the full year to be "modestly ahead" of market expectations.

In a trading update it said the current consensus analyst forecasts for the year to end-December are revenues of £999 million and profit before tax of £46.7 million.

It said the performance had benefited from continued elevated revenues in its management-led activities, further improvement in operating margins and strong cash generation

The group based in Gloucester Business Park manages and maintains around 450,000 homes across the UK and has around 5,000 employees.

It works mainly with central government and local government, typically through long-term contracts.

Lucas Critchley, CEO of Mears Group, said: "Trading in the first half has been excellent across the group and this will be reflected in a strong set of interim numbers in August," said.

"We have made good progress in the first-half, with a focus on developing and broadening the range of services we offer to clients.

"In addition, an increased operational focus, making fuller use of the group's IT system capabilities, is resulting in operational and commercial improvements, and is reflected in the continued progress in operating margins."

The Group will announce its interim results for the six months ended June 30, 2024 on Thursday August 8, 2024.

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