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Social housing and home care contractor Mears has reported record revenue of 拢680m following its acquisition of competitor Morrison last November.

In its accounts for the year to 31 December 2012 the firm reported a 15% rise in revenue to 拢680m from 拢589m in 2011.

It also reported a small rise in pre-tax profit to 拢31.7m from 拢31.5m. The rise in pre-tax profit would have been greater, rising to 拢33.6m, but Morrison delivered a pre-tax loss of 拢1.9m denting profit.

Mears acquired competitor Morrison in November 2012 for 拢24m.

David Miles, chief executive of Mears Group, hailed the 鈥渞ecord鈥� results.

He said: 鈥淭he first half year saw an intense period of new contract mobilisations.  In the second half, we reinforced our market leading position in Social Housing with the transformational acquisition of our most significant competitor, Morrison.鈥� 

Miles said Mears had received positive feedback from Morrison鈥檚 customers following the acquisition and that combining the best practices of both Mears and Morrison was improving service for customers.

He added: 鈥淚 believe that the opportunities for us in social housing are stronger today than at any time since I joined the business.鈥�

The firm鈥檚 biggest division was its social housing division which reported a rise in revenue from 拢415m to 拢460m over the period with operating margin only dipping slightly from 5.8% to 5.7%.

Mears鈥� care business also performed well with revenue growing from 拢109m to 拢113m over the period and operating margin increasing from 8% to 8.3%.