Social housing firm Mears lifts profit expectations
Mears shares rise as social housing maintenance group lifts earnings expectations after strong trading
- It said full-year earnings would be “materially” higher than current market expectations
- Mears specializes in maintenance and repair work for municipalities
Mears shares rose today after the social housing manager and provider said full-year earnings would be “materially” higher than current market expectations.
The company, which specializes in maintenance and repair work for municipalities and housing associations, adjusted its expectations after continued ‘strong trading’ in the first five months of the year.
It marked “increased revenues, improved operating margins and excellent cash performance.”
Home maintenance expert Mears has revised earnings expectations upwards
Mears shares jumped 6.3 percent to 279.50p during Friday afternoon trading. They are up 43 percent in the past 12 months.
Contracted to provide support for around 750,000 homes, the Gloucester-based company takes on up to 60,000 jobs a day.
Think of simpler repairs such as a stiff lock or a leaking tap, or more urgent jobs such as a power failure or clogged sewerage.
The company also supplies and manages 17,000 housing units for local and central government and houses asylum seekers.
In 2022, Mears brought in £959.6m in revenue, up from £878.4m, while pre-tax profit more than doubled from £16.3m to £34.9m.
The company is expected to publish its interim results for the six months to the end of June on August 3.