Gloucestershire property firm sees revenues rise to £525m

Profits soared by 18 per cent to £21.3m at Gloucestershire property firm Mears in the first six months of the year.

The company specialises in building and managing affordable housing projects across the UK,

Mears said it had seen group revenues increase by eight per cent year-on-year to £525.6m in the first six months.

Adjusted profit before tax increased by 18 per cent to £21.3m compared to £18.1m last year.

Mears said it is delighted at the positive start to 2023 and this momentum has continued into the second half.

The board anticipates revenues for the full year of at least £1bn and an adjusted profit before tax of at least £40m.

Chief executive David Miles said: “We are delighted to deliver strong results for the first half year, with record levels of revenues, profits, and daily net cash.

“This strong momentum is expected to continue through the second half, and we have today further increased our full year guidance.

“The excellent financial performance is testimony to the strategic actions taken in recent years, our investment in resilient operating platforms, and a committed and engaged workforce with a shared desire to deliver the highest level of customer service in the affordable housing sector.”