Mears Regulatory News (MER)

Mears Group PLC

("Mears", the "Group", or the "Company")

Trading Update

Continued strong momentum

Mears (LSE: MER), the leading provider of services to the Housing sector in the UK, is pleased to report that the Group has experienced strong trading in the first five months of its financial year, with continued elevated revenues, improving operating margins and excellent cash performance. As a result of this continued strong momentum, the Board expects full year profits to be materially ahead of current market expectations.

The Group is scheduled to release its interim results for the six months to 30 June 2023 on Thursday 3 August 2023.

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.

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About Mears

Mears is the leading provider of services to the Affordable Housing sector, providing a range of services to individuals within their homes. We manage and maintain around 450,000 homes across the UK and work predominantly with Central Government and Local Government typically through long-term contracts. We equally consider the residents of the homes that we manage and maintain to be our customers, and we take pride in the high levels of customer satisfaction that we achieve.

Mears currently employs around 5,500 people and provides services in every region of the UK. In partnership with our Housing clients, we provide property management and maintenance services. 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.