For Immediate Release
("Mears" or "the Group")
Pre-Close Trading Update
Mears, the provider of support services to the
Mears delivered a solid trading performance across both core divisions and anticipates reporting results for the full year in line with management expectations. Mears continues to benefit from strong cash conversion and anticipates reporting a net cash position as at
The Group has 92% visibility of the market consensus revenue forecast for 2015 of
"I am pleased with the progress Mears has made in 2014.
"Mears has been focused over the last twelve months on providing a broader affordable housing offering to its customers. Our extended range of services has mirrored our clients' changing needs. We have invested in Housing Management and continued to develop new forms of partnering arrangements. I believe the opportunities for us in
"In Care, as a robust high quality provider at the forefront of change in the sector, we remain very well placed strategically to take advantage of the longer term opportunities. I am delighted at the success we have achieved in new contract bidding and, importantly, we continue to see a positive move in the structure of tendered opportunities with new contracts being awarded to fewer providers but with increasing contract lengths. The anticipated award of the
"I am delighted to report that we continue to achieve high levels of service delivery and customer satisfaction. The quality of our service delivery continues to be our key differentiator and underpins our success in bidding new contracts in both of our core growth sectors."
For further information, contact:
Andrew Smith, Finance Director Tel: +44(0)7712 866 461
Bob Holt, Chairman Tel: +44(0)7778 798 816
Alan Long, Executive Director Tel: +44(0)7979 966 453
Richard Darby/ Sophie McNulty/ Sophie Cowles Tel: +44(0)20 7466 5000
Notes for editors
Mears is a leading social housing repairs and maintenance service provider to Local Authorities and Registered Social Landlords in the UK and now commands a leading position in the UK Local Authorities' outsourced care market, providing personal care services to people in their own homes.
Mears employs in excess of 15,000 people and provides maintenance and repairs services to in excess of 10% of the UK social housing stock. Mears also provides care to over 20,000 service users.
This information is provided by RNS