Social housing firm shows strong performance in first half of the year with turnover up 9%

Mears has avoided the woes of its rivals and posted a 42% rise in pre-tax profit at 拢13.2m for the first six months of the year.

While Connaught continues to flounder, Mears posted a huge rise in profit and a 拢253m turnover for the first half of the year, up by 9% from last year.

It also booked in contract wins in excess of 拢500m.

Chairman Bob Holt said: 鈥淚 can confirm that Mears is not experiencing, nor do we anticipate, any downward pressure on either our social housing or domiciliary care revenues.

鈥淭he well publicised problems in the sector provide a great opportunity for Mears as market leader. We continue to be highly selective on our bidding approach looking to only work on long term partnership situations.鈥�

The breakdown of divisions was as follows:

  • Social housing: revenue 拢185m (拢176m); Operating profit 拢10m (拢8.2m)
  • Domiciliary care: revenue 拢47.8m (拢29.1m); Operating profit 拢3.6m (拢1.6m)
  • Other services: revenue 拢20.1m (拢27.6m); Operating profit 拢1.3m (拢0.7m)

Holt said that the firm has an order book of 拢2.6bn going forward.

Topics