AGM Statement

RNS Number : 2997G
Mears Group PLC
05 June 2013
 



5 June 2013

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 14 May 2013.  I am pleased to announce that the positive trends referred to in the May statement are continuing and are summarised as follows:

 

·      Mears continues to deliver solid trading across both core divisions in line with management expectations.

 

·      Mears has secured new contract awards since 1 January 2013 of circa £125 million. In addition the Group has experienced strong spends from its existing customer base and has achieved 95% visibility of the £915m consensus revenue forecast for 2013 and 80% visibility of the £960m consensus revenue forecast for 2014. The order book stands at £3.8 billion and the bid pipeline remains at £3.0 billion.

 

·      Following the acquisition of Morrison Facilities Services Limited, the Group has reached an advanced stage in the restructuring of the senior operational management and social housing support functions. The integration is substantially complete. We anticipate that the Morrison operations will deliver a break-even result for the half-year before the exceptional cost of integration. The speed of this turnaround is ahead of our original expectation.

 

·      Mears continues to benefit from a strong balance sheet.

 

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 now commands a leading position in the UK Local Authorities' outsourced care market, providing personal care services to people in their own homes.

 

Mears employs in excess of 14,000 people and provides maintenance and repairs services to in excess of 10% of the UK social housing stock. Mears also provides circa 200,000 hours of care to over 20,000 service users each week.

 

Enquiries:


Mears Group PLC


David Miles, Chief Executive

Andrew Smith, Finance Director

Bob Holt, Chairman

Tel: +44(0)7778 220 185

Tel: +44(0)7712 866 461

Tel: +44(0)7778 798 816

 

Joint Broker - Investec

Keith Anderson/Daniel Adams      

 

Tel: +44(0)20 7597 5970

 

Joint Broker - Canaccord Genuity

Piers Coombs/Lucy Tilley   

 

Tel: +44(0)20 7523 8350

 

 

Gable Communications             

John Bick/Justine James          

mears@gablecommunications.com 

Tel: +44(0)20 7193 7463

Tel: +44(0)7872 061 007

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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