Results on track and group growing strongly, thanks to public sector client base

Social housing contractor Mears Group said that full-year results should be in line with expectations, following strong trading across all divisions since August.

In an interim management statement out today, the AIM-listed firm said it has secured 81% of next year's budgeted revenue and its order book stands at £1.6bn.

The firm said its public sector client base protected it from bad debts and that payment terms had remained on schedule.

Mears' social housing division has won more than £230m of new contracts since 1 July and is expected to grow by more than 30% in the current year, the board said. It added that acquisitions are a possibility.

The statement said: “Mears continues to benefit from a strong balance sheet with low gearing. Our strong cash flow continues to give us significant financial flexibility to take advantage of any acquisition opportunities that may arise.

“We remain confident in Mears' prospects for the future as we continue to grow the group.”

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