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Mears reports improved outlook after dip following Grenfell
The chief executive of Mears has said the company’s financial outlook is improving after a dip following the Grenfell Tower fire.
The contractor said in a trading update that a fall in housing income had been arrested in the first six months of this year.
But the firm said today: “Revenues in the housing division have stabilised during the first half [of 2018] as clients have now completed the assessment of their housing portfolios with an increased focus towards safety and compliance.
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“The housing bidding pipeline is considerable and includes two opportunities that are very significant in scale. The group has made encouraging progress and is at an advanced bidding stage on a number of these.”
Mears said it had been engaged by Waltham Forest Council to arrange the purchase and refurbishment of 365 homes currently under private ownership.
“The key aim is to provide Waltham Forest with an alternative affordable housing supply to replace the significant bed and breakfast accommodation costs currently incurred,” said the update.
“Mears has engaged funding partners to finance the purchase of properties on behalf of the client, while it will carry out refurbishment works and act as managing agent for the portfolio.”
The project will begin next month, and the purchase and refurbishment phase will continue over a period of two years.
David Miles, chief executive of Mears, said: “I am satisfied with the progress made in the first half of 2018. The current pipeline of opportunities is particularly exciting.”
