AGM Statement

RNS Number : 0418I
Mears Group PLC
08 June 2011
 



8 June 2011

 

Mears Group PLC

("Mears" or "the Group")

 

AGM Statement

 

At the Company's Annual General Meeting to be held today at 9.30 a.m., the Chairman will make the following statement:-

 

'Mears issued its Interim Management Statement on 16 May 2011.  I am pleased to announce that the positive trends referred to in the May statement are continuing and are summarised as follows:

 

 

·      We continue to deliver solid trading across all divisions in line with management expectations.

·      £120 million of new contract awards since March including:

£52 million 10 year repair and maintenance contract with Bedfordshire Pilgrims Housing Association

Additional repair and maintenance contracts totalling £30 million over an average term of 4 years, including Dover District Council and Leeds City Council

Mears awarded its first in-sourcing solutions contract with Epping Forest District Council to provide support to their Direct Labour Organisation

Several new Domiciliary Care contracts ranging from two to five years in duration with an estimated aggregate value of £37 million over their lifetime

A £4 million, three year contract for the Home Improvement Agency service provided by Gloucestershire County Council.  

·    British Gas partnership developing well - environmental works already commenced across two Registered Social customers.

·      Roll-out of the Mears Care IT system commenced in April and remains on track.

·      Mears order book currently stands at £2.7 billion with secured revenues in excess of 93% of the £620 million consensus revenue forecast for the current year and in excess of 80% of the £667 million consensus revenue forecast for 2012.

·      Mears continues to benefit from a strong balance sheet.'

 

 David Miles, Chief Executive Officer commented:

 

"We continue to see high levels of opportunity within the public sector for both our growth markets in social housing and domiciliary care. Our Social Housing division will continue to focus on further organic growth. Mears Care is well placed to lead and consolidate the Domiciliary Care market and we continue to target acquisitions that will expand the range of care services provided to people in their homes."

 

ends.

 

About Mears

www.mearsgroup.co.uk

(tickers: MER.L MER.LN  MER.PL)

 

Mears is a leading social housing repairs and maintenance service provider to Local Authorities and Registered Social Landlords in the UK and, following the acquisition of Supporta, now commands a leading position in the UK Local Authorities' outsourced domiciliary care market, providing personal care services to people in their own homes.

 

Mears employs in excess of 12,000 people and provides maintenance and repairs services to in excess of 10% of the UK social housing stock. Mears also provides over 150,000 hours of domiciliary care to 20,000 service users each week.

 

Enquiries:

 

 

Mears Group PLC


David Miles, Chief Executive

Tel: +44(0)7778 220 185

Andrew Smith, Finance Director

Tel: +44(0)7712 866 461

Bob Holt, Chairman

Tel: +44(0)7778 798 816

Joint Broker - Investec


Keith Anderson/Daniel Adams

Tel: +44(0)20 7597 5970

Joint Broker - Collins Stewart


Mark Dickenson/Ileana Antypas

Tel: +44(0)20 7523 8350

IR - Gable Communications

Tel: +44(0) 20 7193 7463

John Bick/Justine James

Tel: +44(0)7872 061 007

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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