Firm expects to complete full integration by the end of the year
Contractor Mears has reported its integration of Morrison Facilities Services, which it acquired last November, is moving faster than expected.
In a statement to the City, Mears said Morrison鈥檚 management team had already been restructured and would be fully integrated into Mears鈥� business by the end of the year.
It added that it expected Morrison鈥檚 operations to break-even, before deducting the costs of the integration.
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.
David Miles, chief executive of Mears Group, said he was delighted with the progress the group had made in recent months.
He added: 鈥淭he speed and quality of the integration of the Morrison business has exceeded my expectations and our social housing business is performing very well, delivering excellent visibility to revenues.鈥�
The firm reported it had visibility of 95% of its 拢915m forecast revenue for 2013 and 80% visibility of its 拢960m forecast revenue for 2014.
Its order book totals 拢3.8bn and the bid pipeline remains at 拢3bn.
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