Firm expects to complete full integration by the end of the year
Contractor Mears has reported its integration of Morrison Facilities Services, which it acquired last November, is moving faster than expected.
In a statement to the City, Mears said Morrison’s management team had already been restructured and would be fully integrated into Mears’ business by the end of the year.
It added that it expected Morrison’s operations to break-even, before deducting the costs of the integration.
Before the acquisition Morrison had a tough couple of years, reporting a loss of £7.6m in the year to March 31 2011 and losing a major contract in Southwark last year.
David Miles, chief executive of Mears Group, said he was delighted with the progress the group had made in recent months.
He added: “The speed and quality of the integration of the Morrison business has exceeded my expectations and our social housing business is performing very well, delivering excellent visibility to revenues.”
The firm reported it had visibility of 95% of its £915m forecast revenue for 2013 and 80% visibility of its £960m forecast revenue for 2014.
Its order book totals £3.8bn and the bid pipeline remains at £3bn.
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