Housing and maintenance firm increases interim turnover to £118m as integration of buyouts continues
Pre-tax profits at housebuilder and maintenance company Mears Group has jumped 23.4 % to £5.7m for the first six months as it extends its coverage of the social housing market.
Turnover increased 22.5 % to £118.m for the first six months to 30 June. Mears’ order book now stands at £1,080m and it secured £170m of new work in the period. Social housing accounted for 75% of turnover rising 28.7% to £88m.
Mears’ social housing arm was recently strengthened by the acquisition of Glasgow-based, social housing repairs and maintenance provider Laidlaw Scott. The company said it would continue to look for business enhancing acquisitions.
Six months ago Mears restructured to create three businesses: the north of England, south of England and Midlands and Wales.
Bob Holt chairman said: “I am excited by the opportunities and believe Mears is in a great position as the market moves towards a more integrated and long-term approach in support of the community. I am confident that our full year results will again be at the top end of market expectations and re-iterate our commitment to delivering impressive sustainable growth into the future.”