LONDON (ShareCast) - Support services company Mears Group said the flow of potential new business had slowed down, but trading early in the year had matched expectations.

The group, which provides services to the social housing and care industries, said the speed of new opportunities in social housing had been slower than it had anticipated and its line-up of potential new business was the same at £3bn.

Mears said nevertheless that it had continued to trade solidly since January 1 in line with management expectations.

It has won contracts so far this year of about £110m and has now achieved 94% visibility of the £908m consensus revenue forecast for 2014 and 72% visibility of the £960m consensus revenue forecast for 2015. The order book stands at £3.8bn with a bid pipeline of £3bn.

Chief Executive David Miles said: "I am pleased with the progress made by the Group in 2014. Both the Social Housing and Care divisions continue to deliver high quality customer services, which remain our key differentiator underpinning our success in bidding new contracts and provide a strong visibility to revenues. Trading at this early stage in the year is in line with the board's expectations."

Shares in Mears fell 2p to 480p in early trading in London.

PW

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE