Mears Group has reported a strong start to the new year building on solid profits and a significant order book.
Revenues for the year ended 31 December 2024 rose 4 per cent year-on-year to £1.1 billion from just over £1 billion the year before, while pre-tax profit increased 37 per cent to £64.1 million (FY2023: £46.9 million).
Mears’ operating margin was also strengthened during the period to 5.6 per cent (FY2023: 4.7 per cent), reflecting a solid commercial and operating performance.
The group secured new contract awards of around £220 million last year and reported an order book value of £3 billion (FY2023: £2.5 billion).
“I am pleased to report on another strong year for the group,” said Lucas Critchley, CEO. “A strong period of contract retention has bolstered the order book and provides improved revenue visibility over the medium term.”
Adding: “The group is recognised as a housing specialist with a track record of delivering reliable and innovative solutions across our range of services and will continue to develop its service offering to address new and evolving challenges faced by our clients.”
At the year end the housing maintenance contractor’s balance sheet showed an average daily net cash position of £59.6 million (FY2023: £76.5 million), after a £40 million share buyback was completed last year.
Adjusted net cash at 31 December 2024 was £91.4 million, compared to £109.1 million the year prior.
“Mears has made a strong start to 2025 and, at this relatively early stage, is increasing its guidance and expects to be modestly ahead of market expectations with expected revenue of no less than £1 billion and adjusted profit before tax of no less than £50 million,” a financial statement reads.
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