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Mears cashes in on Connaught and Rok failures

Mears posted record half-year results today as it benefits from the space left in the market by Connaught and Rok.

The social housing and care support services specialist reported a 16 per cent increase in revenue, from £252.6 million to £292.6m to 30 June 2011, and a 7 per cent increase in adjusted pre-tax profit, from £13.2m to £14.1m.

The company reported “unprecedented levels of opportunity in the public sector” and an order book of £2.7 billion (2010: £2.6bn).

It also reported a bid pipeline in excess of £3bn in social housing, of which £1.7bn of new contract opportunities are available for award within the next 12 months.

Chief executive David Miles said:  “We have secured significant work in the emerging environmental improvement space and in the bid room we have benefited from winning work previously held by Connaught and Rok. This has been achieved during a period of significant public sector change.”

In September last year Mears was in talks to mop up Connaught contracts not picked up by Morgan Sindall.

“The future outlook is also excellent, given the strength of our operational delivery and the move towards greater investment in energy efficiency in housing.

“Similarly, in Care, Government policy continues to drive investment towards supporting people in their own homes rather than in residential or NHS settings.”

The company, which moved away from solely housing in 1996, recently acquired care firm Choices.

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