Contractor reveals increase in turnover
Mears has today reported a nine per cent increase in turnover in its social housing business.
The maintenance and building contractor, in its results for the year to 31 December 2011, reported social housing turnover of £415 million, up from £379.4 million in 2010.
The firm saw a reduction of £31.5 million in capital projects turnover as a result of work under the decent homes programme coming to an end.
However it says this was outweighed by a growth of 14 per cent in core maintenance turnover to £41.5 million and £20.3 million of increased turnover as a result of the acquisition of contractor Jackson Lloyd and the transfer of Home Improvement Agencies from housing association Anchor last year.
Mears also reported an increase of £5.3 million in its projects revenue as a result of its purchase of assets from failed contractor Rok, which went into administration in November 2010.
Mears’ social housing operating profit rose from £22.9 million to £23.9 million and it says it has five contracts due to start on or around 1 April with an annual value of £50 million. It won contracts worth a total of £590 million in 2011.
The statement from Mears said: ‘The social housing bid pipeline remains robust which further supports our confidence that we will continue to deliver strong growth in our core maintenance business.’
Mears reported an overall increase in turnover of 12 per cent, from £523.9 million to £589 million and a nine per cent increase in pre-tax profit, from £28.9 million to £31.5 million.