Strong results expected from Mears
Social housing repairs and maintenance company Mears is beating the downturn, with profits likely to be up as predicted.
It has issued a strong trading update and is expected to meet the 14 per cent rise in annual profits it forecast in March.The group said it anticipated a record year for growth in its order book, having announced contract awards worth in excess of £450 million since the firm released its annual results March 2009.
The trading update also revealed Mears’ order book now stands at over £1.7 billion.
A spokesman for the firm said the demand for its services had ‘never been stronger’, adding that it was in advanced stages of negotiating further significant opportunities.
‘Our two growth markets social housing and domiciliary care, which account for approaching 90 per cent of group revenues, are defensive markets where spend is largely non-discretionary and afford us substantial immunity from bad debts.’
‘Moreover, as a result of our quality partnership relationships with first class public sector customers, we have not experienced any work delays from our public sector customers.’
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Readers' comments (2)
Andre James Verazzo | 29/10/2009 12:32 pm
I imagine the Directors of this company are very grateful for Inside Housing and their seemingly continued view that it is appropriate to give this "private company" the amount of advertising and by implication, kudos, that you do.
And, do you really not suppose that all of the quotes above were made as an advert from their point of view rather than a contribution to a "news" story.
Maybe time to be a bit less naive?
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WATT | 29/10/2009 1:49 pm
RSLs - are you reading this? Here is a company with 14% profits at a time of downturn for many organisations including your own write-downs. Trust you’ll be considering these figures upon your next negotiating with them rather than rent increases, excess leaseholder charges. Those RSLs that consider themselves businesses might want to diversify to this area that has immunity from bad debts - clearly a dollar in it.
Got the bit about order books bursting - all rather one sided. Does repeat business mean recipient of services happy i.e. tenant / leaseholder or just that RSL has re-given work? Quality measures used? Who are the competitors?
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