Mears ends 2021 'strongly', FY revenues surge

Housing and social care provider Mears Group said on Tuesday that it ended 2021 "strongly", with the group now expecting to report full-year revenues in excess of £870.0m, up from £806.0m in 2020, and adjusted pre-tax profits of £25.5m.

Mears said its solid full-year financial performance had been driven by sustained higher volumes of work across the group and highlighted that despite operational challenges posed by the Covid-19 Omicron variant in December and January, it had seen "no material impact" on activity levels or service quality.

The London-listed firm stated underlying cash generation and working capital management had been "robust" throughout the year, with the group expecting to report a net cash position at 31 December 2021 of roughly £54.0m.

Mears added that it had entered the new financial year in a strong position, with year-to-date trading in line with internal expectations and its contract pipeline "active and growing".

Chief executive David Miles said: "2021 has been a very strong year for the Group, characterised by high levels of operational delivery and customer service, a robust cash position and trading outperformance.

"With the fundamentals of our business in such good shape and the long-term challenges of affordable housing, public health and climate change high on the political agenda, we believe we are the housing partner of choice and look forward to 2022 and beyond with confidence."