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Mears secures 91pc of this year's forecast revenue

After its share price was hit last friday in the wake of a profits warning by Connaught, Mears directors have acted swiftly to quell any fears about the group, revealing today that it has secured 91pc of this year’s forecast revenue.

The statement from the firm said that it is experiencing strong trading across all divisions and there is no evidence or experience of downward pressure in spending in social housing, which remains a largely secure and non-discretionary spend.

Mears Group chairman Bob Holt said: “I believe that Mears will now be considered market leader in social housing repair and maintenance which will add further to an already  unprecedented level of opportunity within the public sector.  Local Authority clients continue to consider more innovative and higher scale partnerships which is already evidenced this year with major contract wins.”

He added: “The quality of our operational delivery and our people underpins our strategy and continues to give us clear competitive advantage as evidenced by our enhanced reputation  both in terms of the winning of new business and the recruitment and retention of key personnel. These factors are central in maintaining a robust revenue stream with our existing client base whilst providing significant opportunity within our bid pipeline.”