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Mears Group trading in line with expectations

Social housing repair and maintenance firm Mears said its results for 2008 will meet expectations in what was 'a difficult year for the British economy'.

In a trading update ahead of the company’s full year results in March, bosses said they were 'delighted' that all divisions were performing in line with expectations.

Mears said its two principal growth engines, social housing and domiciliary care, which account for more than 80 per cent of its business, have performed strongly during the year.

The company's forward order book now stands at £1.6 billion.

The board said it has also been successful during the year in building a care provision alongside the group's social housing services.

Mears now has partnership arrangements in place with Cross Keys Homes, Wakefield Homes and Circle Anglia to provide a combined care and repair service and the board anticipates making further progress in this area during 2009.

The Group has maintained a strong balance sheet and low gearing going into the new financial year and will continue to benefit from strong cash flow.

Chief executive Bob Holt said: “I am delighted with the progress made across the group during 2008, particularly with our achievements in building a successful care provision alongside our social housing services.

“We have already secured 81 per cent of the group's consensus forecast revenues for 2009 and our forward order book stands at £1.6 billion.

“We continue to see strong forward demand for our services with good levels of activity in new contract bidding. We are confident in the future prospects for the group.”