Trading Update
27/06/2024 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:20240627:nRSa0261Ua&default-theme=true
RNS Number : 0261U Mears Group PLC 27 June 2024
Mears Group PLC
("Mears", the "Group", or the "Company")
Trading Update
Strong trading performance
The Group has experienced strong trading in the first half of its 2024
financial year ('FY24') and expects profit before tax to be ahead of both the
prior year and the Board's expectations. The strong first half performance has
benefited from continued elevated revenues in its Management-led activities,
further improvement in operating margins and strong cash generation. The Board
expects the outturn for FY24 to be modestly ahead of current market
expectations(1).
Lucas Critchley, 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. We have made good
progress in the first-half, with a focus on developing and broadening the
range of services we offer to clients. In addition, an increased operational
focus, making fuller use of the Group's IT system capabilities, is resulting
in operational and commercial improvements, and is reflected in the continued
progress in operating margins."
Notice of results
The Group will announce its interim results for the six months ended 30 June
2024 on Thursday 8 August 2024.
Note:
(1) The Board consider the current consensus analyst forecasts for FY24, prior
to this announcement, to be revenues of £999m and profit before tax of
£46.7m.
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 Gordon Tel: +44(0)207 886 2500
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.
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 TSTDZGZVKVNGDZM