Last checked at 21 Jul 2008 07:00
£170 million of new contract wins for Social Housing Division
We are pleased today to be able to announce further significant social housing contract awards amounting to £170m. This brings the total aggregate contract awards in the 4 months since we announced our preliminary results to over £340m.
Metropolitan Housing Trust
We have been awarded a 10-year sole partner contract with Metropolitan Housing Trust (“MHT”) based in London and the Midlands to provide responsive repairs, planned maintenance, cyclical decorating and voids services. MHT own over 30,000 properties, making them one of the largest Housing Associations in the country. The total contract is valued at £157 million. The contract is due to commence on 1 October 2008.
Bracknell Forest Homes
We have been awarded a 4-year partnership with Bracknell Forest Homes (“BFH”) to carry out Decent Homes works. BFH was established in February this year, following a transfer from the Council. BFH has over 5,600 properties. The contract is valued at £13 million.
Commenting, Bob Holt, Chief Executive of Mears Group, said:
“The first 6 months of 2008 has been record breaking for Mears in terms of new contract wins. The award of the Metropolitan Housing contract, in particular, is another tremendous success for the Group. We continue to place great emphasis on winning good quality contracts that provide clear and sustainable margins and where our partnership ethos will be valued. The pipeline remains strong and I look forward to bringing news of further contract awards in the near future. Our order book now stands at £1.6 billion and the visibility of future revenues has been enhanced. We are confident of further tender success in the near future”.
Mears Group PLC
Bob Holt, Chief Executive Tel: 07778 798 816 Andrew Smith, Finance Director Tel: 07712 866 461 www.mearsgroup.co.uk
Threadneedle Communications Trevor Bass/Alex White Tel: 020 7936 9666
Joint Broker to Mears Group PLC - Investec Keith Anderson/Daniel Adams Tel:020 7597 5970
Joint Broker to Mears Group PLC – Arbuthnot Securities Mark Brown/Richard Tulloch Tel:020 7012 2150