Mears shares surged today after the social housing manager and provider said full-year profit would be ‘materially’ ahead of current market expectations.
The company, which specialises in maintenance and repair work for local authorities and housing associations, upgraded its expectations after seeing continued ‘strong trading’ in the first five months of the year.
It flagged ‘elevated revenues, improving operating margins and excellent cash performance’.
Housing maintenance expert Mears has upgraded its profit expectations
Mears shares jumped 6.3 per cent to 279.50p in afternoon trading on Friday. They have gained 43 per cent over the last 12 months.
Contracted to provide support for around 750,000 homes, the Gloucester-based firm takes on up to 60,000 jobs a day.
These include simpler repairs like a stiff lock or a leaky tap, or more urgent jobs like electricity failure or blocked drains.
The company also provides and manage 17,000 homes for local and central Government, providing accommodation for asylum seekers.
In 2022, Mears raked in £959.6million in revenues, up from £878.4million, while pre-tax profit more than doubled to £34.9million, from £16.3million.
The company is scheduled to release its interim results for the six months to the end of June on 3 August.
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