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Thu June 24 2021

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Morrison turnaround ahead of Mears’ expectation

5 Jun 13 Mears shareholders gathering at the company’s annual general meeting this morning will hear how the turnaround of Morrison Facilities Services, acquired last November, is progressing quicker than expected.

The integration of Morrison into Mears is substantially complete, its losses have been stemmed and Morrison will break even for the half-year before the exceptional cost of integration.

“The speed of this turnaround is ahead of our original expectation,” says chairman Bob Holt.

He also reports that Mears has won £125m of new business since 1 January 2013 and the order book stands at £3.8bn. The bid pipeline remains at £3.0bn.

Mears paid Anglian Water Group £24m for Morrison Facilities Services.

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