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: [phone] Tel: [phone] Tel: [phone]
Joint Broker - Investec Keith Anderson/Daniel Adams	Tel: [phone]
Joint Broker - Canaccord Genuity Piers Coombs/Lucy Tilley	Tel: [phone]
Gable Communications              John Bick/Justine James           [e-mail]	Tel: [phone] Tel: [phone]

 

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