AGM Statement

RNS Number : 0418I

Mears Group PLC

08 June 2011

 



8 June 2011

Mears Group PLC

("Mears" or "the Group")

AGM Statement

At the Company's Annual General Meeting to be held today at 9.30 a.m., the Chairman will make the following statement:-

'Mears issued its Interim Management Statement on 16 May 2011.  I am pleased to announce that the positive trends referred to in the May statement are continuing and are summarised as follows:

·      We continue to deliver solid trading across all divisions in line with management expectations.

·      £120 million of new contract awards since March including:

o  £52 million 10 year repair and maintenance contract with Bedfordshire Pilgrims Housing Association

o  Additional repair and maintenance contracts totalling £30 million over an average term of 4 years, including Dover District Council and Leeds City Council

o  Mears awarded its first in-sourcing solutions contract with Epping Forest District Council to provide support to their Direct Labour Organisation

o  Several new Domiciliary Care contracts ranging from two to five years in duration with an estimated aggregate value of £37 million over their lifetime

o  A £4 million, three year contract for the Home Improvement Agency service provided by Gloucestershire County Council.  

·    British Gas partnership developing well - environmental works already commenced across two Registered Social customers.

·      Roll-out of the Mears Care IT system commenced in April and remains on track.

·      Mears order book currently stands at £2.7 billion with secured revenues in excess of 93% of the £620 million consensus revenue forecast for the current year and in excess of 80% of the £667 million consensus revenue forecast for 2012.

·      Mears continues to benefit from a strong balance sheet.'

 David Miles, Chief Executive Officer commented:

"We continue to see high levels of opportunity within the public sector for both our growth markets in social housing and domiciliary care. Our Social Housing division will continue to focus on further organic growth. Mears Care is well placed to lead and consolidate the Domiciliary Care market and we continue to target acquisitions that will expand the range of care services provided to people in their homes."

ends.

About Mears

www.mearsgroup.co.uk

(tickers: MER.L MER.LN  MER.PL)

Mears is a leading social housing repairs and maintenance service provider to Local Authorities and Registered Social Landlords in the UK and, following the acquisition of Supporta, now commands a leading position in the UK Local Authorities' outsourced domiciliary care market, providing personal care services to people in their own homes.

Mears employs in excess of 12,000 people and provides maintenance and repairs services to in excess of 10% of the UK social housing stock. Mears also provides over 150,000 hours of domiciliary care to 20,000 service users each week.

Enquiries:
Mears Group PLC
David Miles, Chief Executive	Tel: [phone]
Andrew Smith, Finance Director	Tel: [phone]
Bob Holt, Chairman	Tel: [phone]
Joint Broker - Investec
Keith Anderson/Daniel Adams	Tel: [phone]
Joint Broker - Collins Stewart
Mark Dickenson/Ileana Antypas	Tel: [phone]
IR - Gable Communications	Tel: [phone]
John Bick/Justine James	Tel: [phone]

 

END

 

 

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