Mears boosts full-year outlook, shares rally
By Abigail Townsend
Date: Thursday 09 Jan 2025
(Sharecast News) - Shares in Mears Group sparked on Thursday, after the housing solutions provider said full-year results were likely to beat expectations.
The company, which provides services to the housing sector, including maintaining and managing around 450,000 homes across the UK, said trading had remained strong throughout the second half.
In particular, it noted that operating margins at its core housing activities had improved, while volumes in management-led activities had reduced at a slower rate than previously expected.
As a result, Mears now expects annual results to come in "marginally ahead" of current forecasts.
Consensus is currently for adjusted pre-tax profits of £60.9m on revenues of £1.13bn for the year to December end.
In addition, Mears said it was "increasingly confident" of delivering against market expectations for the 2025 full-year.
As at 1000 GMT, shares in Mears were up 8% at 374p.
Lucas Critchley, chief executive, said: "The group continues to deliver against its clearly defined strategy.
"The robust period of contract retention evidences the strength of our market position. The progress mad across all parts of the group through 2024 is expected to continue into 2025.
"The group remains well-positioned to benefit from continue opportunities in its core markets."
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