Last checked at 8 Jan 2009 07:00
Mears Group PLC
("Mears" or "the Group")
Pre-Close Trading Update
Strong Trading Across All Divisions
Mears is delighted to report that trading for the year ended 31 December 2008 across all divisions was in line with management expectations in what was a difficult year for the British economy.
Mears has two principal growth engines, social housing and domiciliary care which have performed strongly during the year and have grown in line with the Board's strategy to build market leading positions in these two high growth and highly defensive markets.
The Board is also very pleased with the successful achievements during the year in building a care provision alongside the Group's social housing services, where Mears now has partnership arrangements in place with Cross Keys Homes, Wakefield Homes and Circle Anglia to provide a combined care and repair service and the Board anticipates making further progress in this area during 2009.
The Group has maintained a strong balance sheet and low gearing going into the new financial year and will continue to benefit from strong cash flow.
The Group will be announcing its preliminary results for the year ended 31 December 2008 on Tuesday 10 March 2009.
Commenting, Bob Holt, Chief Executive of Mears Group, said:
"I am delighted with the progress made across the Group during 2008, particularly with our achievements in building a successful care provision alongside our social housing services.
"We have already secured 81 per cent of the Group's consensus forecast revenues for 2009 and our forward order book stands at £1.6 billion. We continue to see strong forward demand for our services with good levels of activity in new contract bidding. We are confident in the future prospects for the Group."
ends
www.mearsgroup.co.uk
Enquiries:
Mears Group PLC
Bob Holt, Chief Executive Tel: +44(0)7778 798 816 Andrew Smith, Finance Director Tel: +44(0)7712 866 461
Threadneedle Communications Trevor Bass/Alex White Tel: +44(0)20 7936 9666
Joint Broker to Mears Group PLC - Investec Keith Anderson/Daniel Adams Tel: +44(0)20 7597 5970
Joint Broker to Mears Group PLC - Arbuthnot Securities Richard Tulloch/Ben Wells Tel: +44(0)20 7012 2000
Hansard Group John Bick Tel: +44(0)7872 061007