REG - Mears Grp PLC - Trading Update

MearsAnnouncement

01/11/2024 11:15

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RNS Number : 6445K  Mears Group PLC  01 November 2024

Mears Group PLC

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

 

Trading Update

Strong trading performance

Upgrade to profit expectations for FY 2024

 

Mears (LSE: MER), the UK Housing solutions provider, today provides an
unscheduled update on trading for the financial year ending 31 December 2024
('FY24').

Since the interim results announcement in August, trading has remained strong
across the Group, with operating margins in the core housing activities
continuing to advance, driven by an increased operational and commercial
focus. Volumes in management-led activities have also reduced at a slower rate
than previously anticipated. Consequently, the Board now anticipates that the
Group's full year results for FY24 will be materially ahead of previous
expectations, with revenues of approximately £1,125m and adjusted profit
before tax of at least £60m(1).

Lucas Critchley, Chief Executive Officer, said:

"The Group continues to deliver well against its clearly defined strategy, and
it is particularly pleasing to see how our enhanced operational and commercial
focus is driving improvements to the underlying business, as evidenced in
stronger operating margins. We look forward to providing a fuller update on
this in the full year results."

Note:

(1) The Board consider the current consensus analyst forecasts for FY24, prior
to this announcement, to be revenues of £1,098m and adjusted profit before
tax of £54.5m. Adjusted profit before tax is reported before non-underlying
items.

Certain information contained in this announcement would have constituted
inside information (as defined by Article 7 of Regulation (EU) No 596/2014)
("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                     Tel: +44(0)1452 634 600
 Andrew Smith
 Lucas Critchley

 Deutsche Numis                      Tel: +44(0)207 260 1000
 Julian Cater
 Kevin Cruickshank

 Panmure Liberum                     Tel: +44(0)20 3100 2000
 Tom Scrivens
 James Sinclair-Ford

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

About Mears

Mears is a leading provider of services to the Housing sector, providing a
range of services to individuals within their homes. We manage and maintain
around 450,000 homes across the UK and work predominantly with Central
Government and Local Government, typically through long-term contracts. We
equally consider the residents of the homes that we manage and maintain to be
our customers, and we take pride in the high levels of customer satisfaction
that we achieve.

Mears currently employs over 5,000 people and provides services in every
region of the UK. In partnership with our Housing clients, we provide property
management and maintenance services. 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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