Last checked at 14 May 2024 15:14
Mears Group wins £125m contract in North Lanarkshire
(Sharecast News) - UK housing services providers Mears Group has won a contract with North Lanarkshire Council worth £125m, the company announced on Tuesday.
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Share Price Information for Mears (MER)
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Share Price:
382.50
Bid:
380.50
Ask:
381.50
Change:
1.50 (0.39%)
Spread:
1.00 (0.263%)
Open:
381.00
High:
382.50
Low:
377.00
Prev. Close:
381.00
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Don't have an account? Click here to register.Liberum sees dual benefits of Mears and Mitie social housing deal
Mon, 19th Nov 2018 11:39
(Sharecast News) - Analysts at Liberum said Mitie's decision to sell its social housing businesses - Mitie Property Management and MPS Housing - to Mears Group for as much as £35m in cash was a "sensible deal" that strengthened both balance sheets.The consideration for the deal, which was announced on Monday and should complete at the end of November, comprises an initial payment of £22.5m in cash at completion, funded by a placing of 6,787,331 new shares at 331.5p each, and a deferred consideration of up to £12.5m, payable in cash over two years post-completion subject to the achievement of certain performance milestones.Liberum assumed a £3.5m loss on the acquisition for Mears, principally due to mobilisation costs, leading it to reduce its 2018 earnings per share forecasts by 8% to 31p. For 2019 and 2020 the broker assumes 1% and 3% improvement to 35.9p and 39.9p."We have little doubt that the business will be worth more in Mears' hands than Mitie's," the broker said, adding that for Mitie, the property management businesses "did not fit the strategy" and the proceeds would be helpful in cutting debt. For Mears, the analysts felt the deal was similar to the £24m acquisition of Morrison Facilities Services in 2012, "but without the same level of risks". Mears will target £7m of synergies, with the new businesses adding around £200m to the order book and circa £800m to the pipeline.As far as Mitie was concerned, Liberum reduced its 2019 and 2020 earnings per share estimates by 2% to 16.7p and 5% to 19.1p, respectively, and warned that some legacy still remained.While the broker assumes the group's net debt will improve, with headline 2019 net debt/EBITDA ration falling from 1.3x to 1.2x, Liberum pointed out that Mitie "unhelpfully only disclose gross assets of £40.3m.""We understand net assets, excluding intangibles, are £8.3m, but we cannot determine whether there is a profit or loss on disposal. We also believe that the pension liabilities stay with Mitie. We also believe that the risks on legacy contracts that have been completed remains with Mitie."Liberum reiterated its 'buy' rating on both firms and issued Mears with a target price of 450p and Mitie with a target of 210p.
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14 May 2024 14:33
Mears awarded council contract worth GBP125 million annually
(Alliance News) - Mears Group PLC on Tuesday announced the signing of a new housing maintenance contract with North Lanarkshire Council.
Read more7 May 2024 12:00
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IN BRIEF: Mears Group completes GBP20 million share buyback
Mears Group PLC - Gloucester-based housing maintenance and social housing provider - Completes GBP20 million share buyback programme announced in February. Buys back and cancels 5.6 million share, 5.5% of its total prior to the buyback. It pays an average of 358.7 pence per share.
Read more11 Apr 2024 09:56
Mears Group ups dividend after cracking the GBP1 billion revenue mark
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Read more11 Apr 2024 09:51
Mears FY profits up more than a third
(Sharecast News) - Housing services business Mears Group stated both revenue and profits improved in 2023 and said it expects to deliver another "strong" in FY24.
Read more11 Apr 2024 09:11
SMALL-CAP WINNERS & LOSERS: Mears Group ups dividend on higher profit
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IN BRIEF: Synectics shares rise as appoints Bob Holt as chair
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IN BRIEF: Mears approve further GBP20 million share buyback programme
Mears Group PLC - Gloucester, England-based housing and social care provider - Board approves a third share buyback programme of up to GBP20 million, following two programmes in 2023 which saw the accumulative purchase and cancellation of 12.2 million shares at an average price of 272.7 pence each. This was worth a total GBP33.2 million and represented around 11% of shares at the start of 2023. Says the purpose of the third programme is to return additional surplus capital to shareholders and to further reduce the group's share capital.
Read more5 Feb 2024 16:05
UK shareholder meetings calendar - next 7 days
| Tuesday 6 February | |
| Blackrock Frontiers Investment Trust PLC | AGM |
| Qinetiq Group PLC | GM re share buyback authorisation |
| Ten Lifestyle Group PLC | AGM |
| Wednesday 7 February | |
| Asos PLC | AGM |
| eEnergy Group PLC | GM re disposal of Energy Management division |
| Future PLC | AGM |
| Mosman Oil & Gas Ltd | EGM re director participation in placing |
| Premier Miton Group PLC | AGM |
| Thursday 8 February | |
| Benchmark Holdings PLC | AGM |
| Compass Group PLC | AGM |
| easyJet PLC | AGM |
| Hargreave Hale AIM VCT PLC | AGM |
| Polar Capital Global Healthcare Trust PLC | AGM |
| Friday 9 February | |
| Kibo Energy PLC | EGM re pre-emption rights for share issues |
| Victrex PLC | AGM |
| Monday 12 February | |
| Arix Bioscience PLC | GM re takeover by RTW Biotech Opportunities Ltd |
| JPMorgan UK Smaller Cos Investment Trust PLC | GM re merger with JPMorgan UK Smaller Companies |
| Mears Group PLC | GM re authority to buy back up to 10% of shares |
| Comments and questions to newsroom@alliancenews.com | |
| A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional. | |
| Copyright 2024 Alliance News Ltd. All Rights Reserved. | |
11 Jan 2024 16:53
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Mears Group upgrades expectations after strong 2023
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Mears shares rise as set to exceed market forecasts for 2023 and 2024
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