Property firm announces revenues of more than £1bn
Revenues at Gloucestershire property firm Mears have broken through the £1bn barrier.
The company, which manages and maintains 450,000 public sector houses across the UK, saw revenues rise by 14 per cent to just over £1bn in the last 12 months.
As a result profit before tax increased by 34 per cent to £46.9m compared to £34.9m in the previous year.
Mears added that it has made a strong start to 2024.
The board said it continues to anticipate a reduction in management-led revenues as the elevated activity level seen across last year normalises, although the timing remains uncertain.
Mears secured new contracts worth around £175m during the year.
The Social Housing Decarbonisation Fund (‘SHDF’) Wave 2 saw Mears submit successful grant applications of around £40m on behalf of clients. This will contribute a total works value of around £120m to be delivered over the course of 2024 and 2025.
The company remains well-placed in bidding for a new contract with North Lanarkshire Council (‘NLC’) to provide reactive maintenance, compliance, servicing, and planned works.
The contract would start in July for a period of up to 12 years, with an annual value in the region of £125m and a total contract sum of over £1.5 bn, doubling the existing work with this key client.
Chief executive Lucas Critchley said: “We are delighted to have delivered strong growth in revenues, profits and cash generation in 2023.
“The group is recognised as a leading housing specialist, and we continually look to evolve our capabilities to further strengthen our market position. The board believe that the group is well-positioned for the future and is pleased that the strong trading momentum built in 2023 has continued into 2024.”
