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Gloucestershire Business News

Mears sees revenue rise to £982m

Mears Group chief executive David Miles has declared himself pleased with the way the housing services company is moving forward after the release of its latest figures.

The group, which employs around 7,500 people across the UK and is based in Brockworth, saw a 13 per cent rise in reported revenues to £982million.

Profits increased to £37million but when factoring in discontinued operations - it has in the process of selling its care businesses - the group reported a statutory loss of £66million.

Mr Miles said: "I am pleased with the progress in 2019.

"We have achieved a solid set of results in a year of political and economic uncertainty, along with delivering a significant repositioning of the business into a more simplified structure as the UK's leading provider of housing solutions."

He admitted the first half of 2020 has posed fresh challenges with the onset of the coronavirus pandemic.

"Mears is committed to maintaining services to its clients and customers, sustaining its high level of employee skills, motivation and experience and being prudent in respect of cash management," he said.

"The board will continue to navigate the current difficult circumstances with a concerted focus on short-term operational and financial management, but also with a determination to preserve sufficient resource with the requisite expertise for the company to prosper in the medium term when more normal economic conditions return."

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