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Mears witnesses 'robust trading' throughout H1

Thu 30 Jun 2022 08:27

(Sharecast News) - Social care provider Mears Group said on Thursday that "positive trends and robust trading" seen during the first four months of the financial year had continued through the remainder of the first half. Mears stated that revenues were ahead of the prior year, with an improved operating margin, as it witnessed sustained higher levels of activity within management-led activities,

The London-listed also said it had delivered "excellent cash generation", with its underlying earnings to operating cash conversion in excess of 100% and an average daily net positive cash position throughout the period.

Mears also highlighted that its bidding pipeline had strengthened during the period, with it now seeing "significant opportunities" for organic growth.

Chief executive David Miles said: "Trading in the first half has been excellent across the group and this will be reflected in a strong set of interim numbers in August. This trading performance is a result of the strategic actions undertaken in recent years, a streamlining of the business, and our resilient operating platform. Our long track record for quality and operating excellence ensures that we are seeing an increasing range of opportunities from new and existing clients.

"The strong defensive nature of the Mears business means we are looking to the future with significant optimism notwithstanding what is clearly a challenging economic period for the UK. The momentum carried over from the first six months of trading gives the Board further confidence in the delivery of our full-year expectations."

As of 0920 BST, Mears shares were up 1.05% at 192.0p.

Reporting by Iain Gilbert at Sharecast.com

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