Mears Group gives upbeat trading statement

Mears today reports continued strong trading across all the Group’s divisions, including m&e arm Haydon Mechanical and Electrical.

In its interim management statement for the period from 1 January 2009 to date, Mears reports over £100 million of new contracts since announcing preliminary results on 10 March 2009 and said that cash conversion is strong with continued improvement.

The Haydon division is on track in the current year despite the economic climate. “The niche offering of environmental solutions linked to the London residential housing market provides opportunities not offered to other providers. This continues to be a sound and well managed business,” said the statement.

Mears continues to benefit from a strong balance sheet. The Group’s strong cash flow continues to give it significant financial flexibility to take advantage of any acquisition opportunities that may arise.

Commenting, Bob Holt, chairman of Mears Group, said: “Mears is performing strongly, has excellent visibility in the order book for the current year and next and the management team have a growing bid pipeline where we believe we will benefit from the continued evolution in both the social housing and domiciliary care markets.”

Mears has secured revenues for the current year in excess of 92% of consensus forecast revenue and the management team has been successful in building the Group’s forward order book which continues to grow and currently stands at in excess of £1.6 billion.