REG - Mears Grp PLC - AGM Statement

MearsAnnouncement

17/05/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220517:nRSQ6896La&default-theme=true

RNS Number : 6896L  Mears Group PLC  17 May 2022

17 May 2022

Mears Group PLC

("Mears", the "Group", or the "Company")

 

AGM Trading and CEO Succession Planning

 

Mears (LSE: MER), the leading provider of services to the Housing sector in
the UK, is holding its Annual General Meeting today at 10.00a.m., at which
the Chairman will make the following statement:

Trading update

The Group has experienced strong trading in the first four months of its
financial year, in particular, driven by continued elevated revenues in its
Management-led activities, improving operating margins and excellent cash
performance. The Board is therefore pleased to report that the Group's
financial results for the first four months to April 2022 are ahead of its
expectations, and the Board is increasingly confident in the outturn for the
full financial year. This strong performance has been achieved,
notwithstanding a challenging operational backdrop including price inflation
and skills shortages, and through a busy period of new contract mobilisations.

Succession planning

David Miles has indicated that, after over twenty-six years at Mears, he
wishes to start transitioning towards retirement from the Chief Executive
Officer ("CEO") role. As part of the Company's succession planning, and
following a thorough selection process, the Board is pleased to confirm that
Lucas Critchley, Chief Operating Officer, has been selected to work alongside
David Miles and assume the CEO role at a future date. Lucas joined the Group
in 2004 and since that time has held senior roles across the Group gaining 18
years of experience in the operational and commercial delivery of contracts to
Local and Central Government clients, sharing Mears commitment to partnering
and excellence in Customer Service.

David Miles, Chief Executive Officer of the Group, commented:

"The Group has performed brilliantly through the year to date. I am delighted
at the strong financial performance delivered in the first four months. We are
trusted partners to our Local and Central Government clients. Our clients face
significant operational challenges and Mears core skills and well-invested
operating platform ensures we are well placed to support them though these."

Kieran Murphy, Chairman of the Group, commented:

"David has been critical in leading Mears' successful growth and development
story over very many years and the Board takes this opportunity to recognise
his endeavour and achievements. Over the last few years, Lucas has been a key
member of the senior executive team. The Board is pleased that he has agreed
to lead Mears on David stepping aside, ensuring continuity and stability in
maintaining the group's growth and development."

Certain information contained in this announcement would have constituted
inside information (as defined by Article 7 of Regulation (EU) No 596/2014),
as it forms part of domestic law by virtue of the European Union (Withdrawal)
Act 2018) ("MAR") prior to its release as part of this announcement and is
disclosed in accordance with the Company's obligations under Article 17 of
those Regulations.

For further information, contact:

Mears Group PLC

 Joe Thompson, Investor Relations  Tel: +44 (0) 7980 844 580

 Novella Communications
 Tim Robertson/Claire de Groot     Tel: +44 (0) 203 151 7008

 

About Mears

Mears is the leading provider of services to the Affordable Housing sector in
the UK: responsible for the maintenance of c.10% of the UK's social housing
stock; and managing over 10,000 homes for local and central government.

Mears currently employs around 5,500 people and provides services in every
region of the UK. In partnership with our Housing clients, we maintain, repair
and upgrade the homes of hundreds of thousands of people in communities from
remote rural villages to large inner-city estates. Mears has extended its
activities to provide broader housing solutions to solve the challenge posed
by the lack of affordable housing and to provide accommodation and support for
the most vulnerable.

We focus on long-term outcomes for people rather than short-term solutions and
invest in innovations that have a positive impact on people's quality of life
and on their communities' social, economic and environmental wellbeing. Our
innovative approaches and market leading positions are intended to create
value for our customers and the people they serve while also driving
sustainable financial returns for our providers of capital, especially our
shareholders.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGMBIGDUDUBDGDL