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Mears sees FY profit 'modestly' ahead of market views
(Sharecast News) - Mears posted a rise in interim pre-tax profit on Thursday despite a dip in revenues and said full-year profit was set to be "modestly" ahead of market expectations. In the six months to 30 June, adjusted pre-tax profit rose 5% to £32m.
Revenues ticked down 4% from the same period a year earlier to £559.4m, with some normalisation in the group's management-led activities, partially offset by 8% revenue growth in maintenance-led activities.
Management-led activities reduced by 14% due to the continued normalisation of revenues relating to the Asylum Accommodation and Support Contract, Mears said. The other management-led activities delivered "modest" growth, mainly from a short-term contract to support the Afghan Relocation and Assistance Policy, delivered for the Ministry of Defence.
The interim dividend was lifted 18% to 5.60p a share.
Chief executive Lucas Critchley said: "I am delighted to report a period of strong operational, financial and strategic performance. We have continued to make progress against each of our key strategic goals; delivering growth in maintenance activities, developing a full compliance and asset management offer, and positioning the group to deliver additional housing services to Central Government.
"Importantly, we have continued to do the basics well, which underpins our drive for both service excellence and strengthening commercial performance."
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