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Maintenance deals boost Mears coffers by £120m

Social housing contractor Mears has signed deals worth £120 million in the past two months to bring its order book to £2.7 billion, it announced this morning.

In a statement to the Stock Exchange, Mears revealed it has signed a £52m, 10-year repair and maintenance contract with Bedfordshire Pilgrims Housing Association and additional repair and maintenance contracts worth £30m.

Since announcing 2010 results in March, the firm has also secured several domiciliary care contracts ranging up to five years in duration and worth £37m.

Mears chief executive David Miles said: “We continue to see high levels of opportunity within the public sector. We believe that the demand and opportunity for our two growth markets will continue to be strong and that Mears is well placed to benefit.

“Our social housing division will continue to focus on further organic growth. The continuing consolidation in registered social landlords, the reforms to the housing finance system and changing demographics all continue to provide increasing opportunities for Mears.”

Mr Miles also hailed the firm’s partnership with British Gas as an example of a way the firm hopes to provide solutions for its clients in the context of the green agenda.

Mears’ order book currently stands at £2.7bn. The firm has secured revenues in excess of 93 per cent of its £620m forecast for the current year, and in excess of 80 per cent of the £667 million consensus revenue forecast for 2012.

In a statement, the firm said it continued to benefit from a strong balance sheet, was well positioned to benefit from an active contract bidding market and remained confident in its prospects for the future growth.

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