Half year pre-close trading update
30 June 2022
Mears Group PLC
("Mears", the "Group", or the "Company")
Half year pre-close trading update
Mears (LSE: MER), the leading provider of services to the Housing sector in the UK, is pleased to provide a pre-close trading update for the six months ended 30 June 2022.
Trading update
The positive trends and robust trading for the first four months of the current financial year, as communicated at the Group's AGM in May, continued through the remainder of the first half.
· Revenues are ahead of the prior year, with an improved operating margin
· Sustained higher levels of activity within Management-led activities
· Excellent cash generation, with EBITDA to operating cash conversion in excess of 100% and an average daily net positive cash position throughout the period
· Bidding pipeline has strengthened during the period, with significant opportunities for organic growth
David Miles, Chief Executive Officer of the Group, commented:
"Trading in the first half has been excellent across the Group and this will be reflected in a strong set of interim numbers in August. This trading performance is a result of the strategic actions undertaken in recent years, a streamlining of the business, and our resilient operating platform. Our long track-record for quality and operating excellence ensures that we are seeing an increasing range of opportunities from new and existing clients.
"The strong defensive nature of the Mears business means we are looking to the future with significant optimism notwithstanding what is clearly a challenging economic period for the UK.
"The momentum carried over from the first six months of trading gives the Board further confidence in the delivery of our full year expectations."
Notice of results
The Group will announce its interim results for the six months ended 30 June 2022 on Thursday 4 August 2022.
For further information, contact:
Mears Group PLC
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Joe Thompson, Investor Relations |
Tel: +44 (0) 7980 844 580 |
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About Mears
Mears is the leading provider of services to the Affordable Housing sector in the UK: responsible for the maintenance of c.10% of the UK's social housing stock; and managing over 10,000 homes for local and central government.
Mears currently employs around 5,500 people and provides services in every region of the UK. In partnership with our Housing clients, we maintain, repair and upgrade the homes of hundreds of thousands of people in communities from remote rural villages to large inner-city estates. Mears has extended its activities to provide broader housing solutions to solve the challenge posed by the lack of affordable housing and to provide accommodation and support for the most vulnerable.
We focus on long-term outcomes for people rather than short-term solutions and invest in innovations that have a positive impact on people's quality of life and on their communities' social, economic and environmental wellbeing. Our innovative approaches and market leading positions are intended to create value for our customers and the people they serve while also driving sustainable financial returns for our providers of capital, especially our shareholders.
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