Social housing and care services group says 2011 pre-tax profit was 拢31.5m on total group revenue of 拢589m
Mears Group saw pre-tax profit increase 9% to 拢31.5m in 2011, according to its final results for the year to 31 December 2011.
The social housing and care services group reported total revenue of 拢589m, a 12% increase on its 2010 figures.
However, despite what it described as 鈥渞ecord鈥� social housing revenue of 拢415m, its operating margin in the division slipped from 6.0% in 2010 to 5.8% last year.
Group chief executive David Miles said Mears had performed strongly in a challenging environment and had seen 鈥渟ignificant new contract awards鈥�.
鈥淚 am particularly pleased by the positive impact we achieved turning-around the contracts we inherited over recent years from failed businesses,鈥� he said.
鈥淎s customers continue to seek solutions to social housing鈥檚 broad-based underlying challenges, I am confident that we will remain significantly differentiated from our remaining competitors. We continue to seek appropriate bolt-on acquisitions.鈥�
Mears Group鈥檚 social housing revenue was 9% up on the 2010 figure, but its results showed a 21% increase in 鈥渃ore maintenance revenue鈥� within the division.
The company said its order book stood at 拢2.9 billion and demand for our services 鈥渃ontinues to be very strong with a bid pipeline in excess of 拢3.0 billion with immediate bidding opportunity for contracts due to start in the course of the next twelve months in excess of 拢2.0 billion鈥�.
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