Last checked at 17 May 2022 07:00
17 May 2022
Mears Group PLC
("Mears", the "Group", or the "Company")
AGM Trading and CEO Succession Planning
Mears (LSE: MER), the leading provider of services to the Housing sector in the UK, is holding its Annual General Meeting today at 10.00a.m., at which the Chairman will make the following statement:
Trading update
The Group has experienced strong trading in the first four months of its financial year, in particular, driven by continued elevated revenues in its Management-led activities, improving operating margins and excellent cash performance. The Board is therefore pleased to report that the Group's financial results for the first four months to April 2022 are ahead of its expectations, and the Board is increasingly confident in the outturn for the full financial year. This strong performance has been achieved, notwithstanding a challenging operational backdrop including price inflation and skills shortages, and through a busy period of new contract mobilisations.
Succession planning
David Miles has indicated that, after over twenty-six years at Mears, he wishes to start transitioning towards retirement from the Chief Executive Officer ("CEO") role. As part of the Company's succession planning, and following a thorough selection process, the Board is pleased to confirm that Lucas Critchley, Chief Operating Officer, has been selected to work alongside David Miles and assume the CEO role at a future date. Lucas joined the Group in 2004 and since that time has held senior roles across the Group gaining 18 years of experience in the operational and commercial delivery of contracts to Local and Central Government clients, sharing Mears commitment to partnering and excellence in Customer Service.
David Miles, Chief Executive Officer of the Group, commented:
"The Group has performed brilliantly through the year to date. I am delighted at the strong financial performance delivered in the first four months. We are trusted partners to our Local and Central Government clients. Our clients face significant operational challenges and Mears core skills and well-invested operating platform ensures we are well placed to support them though these."
Kieran Murphy, Chairman of the Group, commented:
"David has been critical in leading Mears' successful growth and development story over very many years and the Board takes this opportunity to recognise his endeavour and achievements. Over the last few years, Lucas has been a key member of the senior executive team. The Board is pleased that he has agreed to lead Mears on David stepping aside, ensuring continuity and stability in maintaining the group's growth and development."
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014), as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
For further information, contact:
Mears Group PLC
Joe Thompson, Investor Relations | Tel: +44 (0) 7980 844 580 |
Novella Communications | |
Tim Robertson/Claire de Groot | Tel: +44 (0) 203 151 7008 |
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.