REG - Mears Grp PLC - Half year pre-close trading update

MearsAnnouncement

30/06/2022 07:00

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RNS Number : 7082Q  Mears Group PLC  30 June 2022

30 June 2022

Mears Group PLC

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

 

Half year pre-close trading update

 

Mears (LSE: MER), the leading provider of services to the Housing sector in
the UK, is pleased to provide a pre-close trading update for the six months
ended 30 June 2022.

Trading update

The positive trends and robust trading for the first four months of the
current financial year, as communicated at the Group's AGM in May, continued
through the remainder of the first half.

·      Revenues are ahead of the prior year, with an improved operating
margin

·      Sustained higher levels of activity within Management-led
activities

·      Excellent cash generation, with EBITDA to operating cash
conversion in excess of 100% and an average daily net positive cash position
throughout the period

·      Bidding pipeline has strengthened during the period, with
significant opportunities for organic growth

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

"Trading in the first half has been excellent across the Group and this will
be reflected in a strong set of interim numbers in August.  This trading
performance is a result of the strategic actions undertaken in recent years, a
streamlining of the business, and our resilient operating platform. Our long
track-record for quality and operating excellence ensures that we are seeing
an increasing range of opportunities from new and existing clients.

"The strong defensive nature of the Mears business means we are looking to the
future with significant optimism notwithstanding what is clearly a challenging
economic period for the UK.

"The momentum carried over from the first six months of trading gives the
Board further confidence in the delivery of our full year expectations."

Notice of results

The Group will announce its interim results for the six months ended 30 June
2022 on Thursday 4 August 2022.

For further information, contact:

Mears Group PLC

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

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.

 

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