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Thu September 23 2021

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Mears returns to profit as restrictions ease

12 Aug Housing maintenance contractor Mears Group reports strong revenue recovery in the first half of 2021 as Covid-19 restrictions eased.

Mears Group’s interim results for the six months to 30th June 2021 show revenues up 11.8% year-on-year to £443.7m (2020 H1: £396.7m).

Last year’s first-half pre-tax loss of £13.8m became a £5.7m pre-tax  profit this time.

Chief executive David Miles said: "The group has performed well and traded resiliently through another lock-down impacted reporting period. With the cash performance continuing to exceed expectations as trading conditions normalise, we are delighted to be able to restore Mears' long history of sustainable, progressive dividend payments.

"The business is in good shape and with the long-term challenges of affordable housing, public health and climate change high on the political agenda at local and central government, we look forward to future growth with confidence."  

He said that the company was seeing a backlog of lower priority maintenance jobs in some areas, delayed by lockdowns.  “Whilst there is focus on addressing the backlog in maintenance, it is apparent that planned maintenance works will be slower to return in some areas and we expect activity to build-up through the second half of 2021 and running into 2022,” he said.

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