Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRocView Video
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investorsView Video

Latest Share Chat

Mears confident on outlook but sees delays to bids

Wed, 27th May 2020 10:30

(Sharecast News) - Mears Group said it had an order book of £2.5bn and was confident about its outlook though Covid-19 could cause delays to contract bids in the current year.
Posting annual results the housing services company said its order book fell from £2.9bn but this was expected after a large increase a year earlier.

Pretax profit for the year to the end of December fell 8% to £25.2m as revenue rose 13% to £982.6m. Pretax profit from continuing activities before exceptional costs and amortisation rose 1% to 37.3m as revenue from continuing operations rose 17% to £905.1m.

As announced in March, the company paid no final dividend for 2019 to conserve cash during the Covid-19 crisis.

"It remains the board's intention to adopt a progressive dividend policy once it is confident that activity levels and the group's financial position make it prudent so to do," Chairman Kieran Murphy said.

Mears said it expected the housing market to continue growing because of the shortage of property to live in. The company said it had new orders with a value of £220m though total bidding activity of £570m was lower than expectations and the norm of about £1bn. It said the contract value of bids and rebids in 2020 would be about £1bn, of which 65% is rebids, playing to its strength in resecuring work.

Chief Executive David Miles said the timing of bids and rebids may be affected by the Covid-19 crisis.

Miles said: I am pleased with the progress of the Group in 2019. We have achieved a solid set of results in a year of political and economic uncertainty ... 2020 has brought challenges that were unforeseeable only a few weeks ago.

"The board will continue to navigate the current difficult circumstances with a concerted focus on short term operational and financial management but also with a determination to preserve sufficient resource with the requisite expertise for the Company to prosper in the medium term when more normal economic conditions return."



Related Shares

More News
20 Feb 2024 11:40

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, ...

5 Feb 2024 16:05

UK shareholder meetings calendar - next 7 days

11 Jan 2024 16:53

LONDON MARKET CLOSE: Stocks lower on hotter-than-expected US inflation

(Alliance News) - Stock prices in London closed lower on Thursday, after US rate cut expectations suffered a setback following some hotter-than-expect...

11 Jan 2024 10:41

Mears Group upgrades expectations after strong 2023

(Sharecast News) - Mears Group said in a full-year trading update on Thursday that through the second half of 2023, it maintained its strong financial...

11 Jan 2024 10:34

Mears shares rise as set to exceed market forecasts for 2023 and 2024

(Alliance News) - Mears Group PLC on Thursday said it expects its 2023 results to beat market expectations.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.