Contractor says integration of its acquisition is 鈥渟ubstantially complete鈥�

Mears

Contractor Mears has reported that integration of Morrison Facilities Services, which it acquired last November, is 鈥渟ubstantially complete鈥�.

In a statement to the City Mears said the turnaround of its acquired business had moved faster than expected, with Morrison set to deliver a break-even result for the half-year before exceptional restructuring costs.

Before the acquisition Morrison had a tough couple of years, reporting a loss of 拢7.6m in the year to March 31 2011 and losing a major contract in Southwark last year.

Mears has secured new contract awards since 1 January 2013 of circa 拢125 million and has an order book of 拢3.8bn and a bid pipeline of 拢3.0bn.

Mears is holding its annual general meeting today.

Topics