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Social housing provider Mears has reported that its pre-tax profit was nearly wiped out by costs incurred from the disposal of its mechanical and electrical business Haydon.

In its results for the year to 31 December 2013, Mears reported a pre-tax profit of just 拢277,000, down from 拢18m the year before.

However, this was largely due to a 拢18.8m exceptional loss from the sale of its Haydon mechanical and electrical business to Haydon鈥檚 management in November 2013.

When the Haydon figures, which also included an operational loss of 拢2.6m in 2013 and 拢1.8m in 2012, were stripped out Mears Group reported a rise in pre-tax profit to 拢22m in 2013 from 拢20m in 2012.

Because of the structure of the deal to sell Haydon, Mears could yet recover up to 拢19m of the costs of the sale.

However, the firm estimated it was likely to recover just 拢6m between now and 2018.

Mears Group reported revenue from continuing operations, which excludes the Haydon business, of 拢866m in 2013, up from 拢617m in 2012.

Chief executive of Mears Group David Miles said the opportunities for the firm in the social housing market 鈥渞emained very strong鈥�.

He said: 鈥淲ith Mears now focused solely on social housing and care, I am delighted to report that we continue to achieve high levels of service delivery and customer satisfaction. The quality of our service delivery continues to be our key differentiator and underpins our success in bidding new contracts in both of our core growth sectors.鈥�