UK's Mears Group jumps on upbeat full-year results, Peel Hunt raises to 'buy'

Mears

10/04/2025 09:30

** Shares of Mears Group MERG.L rise 12.62% to 401.50p

   ** Co, which provides housing services, including maintenance and management, reports FY24 revenue of 1,133 million pounds  ($1.46 billion) vs analysts expectation of 1,126 million pounds, according to data compiled by LSEG
** Co projects 2025 revenue of no less than 1,050 million pounds and adjusted profit before tax of no less than 50 million pounds

** Peel Hunt upgrades MERG to "buy" from "add", raises target price to 405p from 380p

** While uncertainties remain regarding the asylum seekers contract volumes, the underlying  momentum  and  strategy refresh leaves Mears in a strong position - Peel Hunt

** Three brokerages rate the stock "buy" or higher; their median PT is 489.50p - LSEG data

** Up to last close, stock had risen ~10% YTD

($1 = 0.7772 pounds)

 (Reporting by Joel Jose in Bengaluru)

 ((joeljose@thomsonreuters.com))