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391.50 -5.50 (-1.39%)

Bid:

391.00

Ask:

392.00

Spread: 1.00 (0.256%)

Market Cap: £313.54m

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Mears Expects To Meet Its Expectations On Solid Divisional Performance

Tue, 13th Jan 2015 08:40

LONDON (Alliance News) - Mears Group PLC Tuesday said it delivered a solid performance across its operating divisions in 2014 and expects to meet its expectations for the year.

The company, which provides support services to the social housing and care sectors, said the performances for its social housing and care units had been solid in the year to December 31.

The group said it has benefited from strong cash conversion in the year and expects to report a net cash position at the end of December.

It said it has 92% visibility on the market consensus revenue forecast for 2015 of GBP886 million, an improvement on the 90% visibility it had at the end of 2013.

Chief Executive David Miles said the company sees strong opportunities in both the social housing and care sectors.

Mears shares were up 3.0% to 407.00 pence in early trade on Tuesday, one of the best performers in the FTSE All-Share.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance