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Mears secures 75pc of its forecast 2010 turnover

Mears Group has said it has already secured 75 per cent of its consensus forecast turnover for 2010 and now has a forward order book totalling more than £1.8 billion.

In a trading update Mears said it expects to announce a successful full year set of results for the year to 31 December 2009.

The group said it has secured new contract awards in 2009 of £550 million with a potential worth in excess of £650 million, subject to contract extensions.

This will result in a record year for the group in terms of both new contract awards and order book level.

Mear chairman Bob Holt said: “I am delighted with the progress made across the group during 2009, particularly with our achievements in continuing to build a successful care provision along side our social housing services.

“The demand for our services has never been stronger.

“Our two growth markets social housing and domiciliary care, which together account for approaching 90 per cent of group revenues, are defensive markets where spend is largely non discretionary and afford us substantial immunity from bad debts.

“Moreover as a result of our quality partnership relationships with public sector customers, we have not experienced any work delays in the areas in which we operate.”