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Mears turnover up 14pc but profit falls after acquisition

Housing repair firm Mears reported a 14 per cent rise in turnover in the first half of 2009, but pre-tax profits dipped due to the impact of an acquisition.

Mears’ turnover for the six months to 30 June reached £232.7 million up from £203.3 million the previous year.

Pre-tax profit fell to £7.3 million from £7.7 million, but excluding the impact of the acquisition of construction and engineering group 3C Asset Management it would have totalled £8.4 million.

Social housing made the greatest contribution to Mears’s turnover, with sales rising to £176 million from £134.9 million over the same period last year.

The home care business saw turnover climb to £29.1 million from £26.3 million.

The firm’s order book stands at £1.8 billion after contract wins amounting to £400 million over the period.

Mears chief executive Bob Holt said: “We have close to full visibility as to consensus forecast revenue for the current year.

“In addition, we have already secured in excess of 70 per cent of our forecast revenue for 2010. With a number of particularly exciting opportunities within the bid pipeline, I have significant confidence for the future.”

Meanwhile in a separate announcement Mears revealed Alan Long the managing director of the group’s care business, Careforce, has been appointed to the board.

Mr Long will continue to devote particular attention to the development of Mears’ Care business in addition to a wider business development role across the group.

Previously, Mr Long was group sales and marketing director, having joined Mears in 2005. His previous roles included working for Britannia Building Society, Mars and Smith and Nephew.