Social housing firm shows strong performance in first half of the year with turnover up 9%
Mears has avoided the woes of its rivals and posted a 42% rise in pre-tax profit at £13.2m for the first six months of the year.
While Connaught continues to flounder, Mears posted a huge rise in profit and a £253m turnover for the first half of the year, up by 9% from last year.
It also booked in contract wins in excess of £500m.
Chairman Bob Holt said: “I can confirm that Mears is not experiencing, nor do we anticipate, any downward pressure on either our social housing or domiciliary care revenues.
“The well publicised problems in the sector provide a great opportunity for Mears as market leader. We continue to be highly selective on our bidding approach looking to only work on long term partnership situations.”
The breakdown of divisions was as follows:
- Social housing: revenue £185m (£176m); Operating profit £10m (£8.2m)
- Domiciliary care: revenue £47.8m (£29.1m); Operating profit £3.6m (£1.6m)
- Other services: revenue £20.1m (£27.6m); Operating profit £1.3m (£0.7m)
Holt said that the firm has an order book of £2.6bn going forward.