Contractor reports solid half-year results, with rising almost three-fold
Mears has reported an almost three-fold increase in pre-tax profit in solid half-year results for the six months to 30 June 2014.
Pre-tax profit for the period grew 259% to 拢14m, up from 拢5.4m the previous year, while revenue dipped marginally by 3% to 拢428.1m, down from 拢439.1m.
The firm鈥檚 social housing division grew revenue 3% to 拢364.9m, up from 拢378.6m, and reported an improved operating margin of 4.2%, up from 3.7%.
The firm鈥檚 care division grew revenue 5% to 拢63.2m, up from 拢60.5m, while its operating margin remained at 7.8%.
The firm鈥檚 order book dipped marginally to 拢3.7bn, down from 拢3.8bn, which the firm said reflected a 鈥減eriod of change in respect of housing finance and welfare reforms [which] has resulted in a short-term delay in new bidding opportunities.鈥�
David Miles, chief executive of Mears, said: 鈥淲e have had a good first half year and, notwithstanding the temporary delays in tendering new opportunities, the board expects earnings for the full year to be in line with its expectations.鈥�
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