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Mears Group sales up by more than a third

Social housing and care homes firm Mears Group today reported a 38 per cent surge in 2008 sales to £420.4 million from £304 million the previous year.

Mears’ profit increased 26 per cent to £22.2 million from £17.6 million the previous year on the back of rising activity in the social housing sector.

Mears, which won contracts worth more than £460 million over the past 12 months, said its current order book stands at £1.6 billion and a number of significant opportunities were at an advanced stage of the bidding process.

The firm said it had achieved a record level of revenue in its social housing division of £282 million compared with £205.6 million the previous year.

Mears has already secured 89 per cent of its consensus forecast revenue for 2009 and secured 54 per cent of consensus forecast revenue for 2010.

Mears chairman Bob Holt said: “We continue to place great emphasis on winning good quality contracts that can provide clear and sustainable margins.

“The sales pipeline remains buoyant and we have a number of significant opportunities which are at an advanced stage of the bidding process.

“There are also tremendous opportunities with existing customers to unlock significant additional revenue.”