Social housing group ‘increasingly confident’ of beating 2025 expectations
Social housing group Mears now expects to be “marginally ahead” of expectations for 2024 and is “increasingly confident” of outperforming current predictions for 2025.
Current market consensus is for adjusted pre-tax profits of £60.9m and £44.7m for last year and this year respectively.
The Gloucester-based group employs 5,000 people delivering contracts mainly with local and central government to manage and maintain around 450,000 homes across the UK.
Lucas Critchley, chief executive of Mears, said: “The group continues to deliver against its clearly defined strategy, and it is particularly pleasing to see how our enhanced operational and commercial focus is driving improvements to the underlying business, as evidenced in service quality, compliance, and stronger operating margins.
“The robust period of contract retention evidences the strength of our market position. The progress made across all parts of the group through 2024, as reflected throughout this statement, is expected to continue into 2025. The group remains well-positioned to benefit from continued opportunities in its core markets.”
The group highlighted the early performance of a new, larger contract with North Lanarkshire Council which covers 37,000 homes and 1,200 council buildings.
It secured all of the contracts that it needed to re-bid on in 2024, including Thanet, Folkestone and Hythe, and Dover councils, while it has only one “material” contract to re-bid on this year.
