Mears Group Chairman Says Solid Trading Continuing

LONDON (Alliance News) - Social housing and care services provider Mears Group PLC Wednesday said the positive trading trends it reported last month have continued in the past few weeks.

In a statement ahead of the company's annual general meeting, Mears Chairman Bob Holt reiterated some of the comments the company had given in its trading update on May 19, notably that it is continuing to see solid trading in both its main businesses that is meeting management expectations.

He also reiterated that Mears has secured new contracts worth more than GBP110 million since the start of 2014, and now has 94% visibility on the GBP908 million revenue forecast for 2014, and 72% visibility on the GBP960 million forecast for 2015. Its order book at the time of the trading update stood at GBP3.8 billion, and its bid pipeline was GBP3.0 million.

"I am pleased to announce that the positive trends referred to in the May statement are continuing," Holt said.

Mears Group shares were up 0.5% at 488.38 pence.

By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1

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