Mears turnover rises after market turmoil
Mears has reported increased turnover and profits after picking up work from failed rivals Rok and Connaught.
In interim results for the six months to 30 June, published today, the repairs and maintenance contractor reports a 16 per cent increase in turnover to £292.6 million and an increase in profit before tax from £13.2 million to £14.1 million.
Revenues generated by the firm’s social housing business increased by 12 per cent to £207.2 million.
The company announced a number of contract wins from former social landlord clients of Connaught, which went into administration last September.
Mears won three major contracts with Barnet Homes, Notting Hill Housing Trust and Arun District Council, which could be worth up to £122 million in total depending on extensions.
Mears, which last November bought the assets of Rok’s Bristol social housing business, also announced a £21 million deal with Neath Port Talbot Homes.
The company also this month bought the supported living division of care provider Choices Care Community Services for £7.4 million, which is expected to generate a profit of £1.5 million a year.
David Miles, chief executive of Mears, said: ‘We have secured significant work in the emerging environmental improvement space and in the bid room we have benefited from winning work previously held by Connaught and Rok. This has been achieved during a period of significant public sector change.’