Profits also up as maintenance firm benefits from resilience of 'non-discretionary' repairs sector
Revenue at Mears soared 38% in the year ending December 2008, from 拢304m to 拢420m, on the back of rising activity in the social housing sector and multimillion-pound contract wins.
Operating profit at the public sector maintenance and repairs firm went from 拢17.6m to 拢22.2m, a 26% rise.
In a statement, the firm said that revenue from social housing repairs and maintenance had gone from 拢205.6m to 拢282m, growth of 37.2%, reflecting organic growth of 33.6%
Mears said it had won contracts valued at in excess of 拢460m in total over the past 12 months.
Meanwhile, income from the firm's domiciliary (home) care division rose from 拢28.7m to 拢54.6m, contributing more than 10% to organic growth during the year.
Mears has secured 89% of consensus forecast revenue for 2009 and 54% of consensus forecast revenue for 2010.
Chairman Bob Holt said that the firm's order book stood at 拢1.6bn, with demand for the company's services continuing to be strong.
鈥淥ur two growth markets, social housing and domiciliary care, which account for over 80% of group revenues, largely reflect quality partnership relationships with first class public sector customers,鈥� he said.
鈥淭hese are defensive sectors where spend is largely non-discretionary and which afford us substantial immunity from bad debts. We continue to place great emphasis on winning good-quality contracts that can provide clear and sustainable margins.鈥�
No comments yet