Building firm forecasts better than expected profits
Building firm Mears said it expects its full year profits to be ahead of market expectations in a brief trading statement.
The Gloucestershire based firm was formed in 1988 and specialises in the repair and maintenance of over 700,000 social homes across the UK.
The firm, which is listed on AIM, said it has experienced strong trading in the first five months of its financial year, with continued elevated revenues, improving operating margins and excellent cash performance.
The statement added: “As a result of this continued strong momentum, the board expects full year profits to be materially ahead of current market expectations.”
Mears is due to release its interim results for the six months to 30 June 2023 on Thursday 3 August 2023.
Last month Mears approved a return of surplus capital of up to £20m through a share buyback scheme.
Mears entered into non-discretionary arrangements with Numis Securities and Panmure Gordon to administer the buyback programme.
The aim of the buyback scheme is to return surplus capital to shareholders and reduce the group’s share capital.
All ordinary shares repurchased by the group under the buyback scheme will be cancelled. It is expected that the scheme may take around 18 months to complete.
