30th Jun 2022 14:32
Mears Group PLC - housing and social care provider - Says revenue levels in the first half of 2022 are ahead of the previous year, as operating margin improves. Notes "sustained higher levels" of management-led acitivity, and "excellent" cash generation. Reports earnings before interest, tax, depreciation and amortisation to operating cash conversion "in excess" of 100%, and an average daily net positive cash position throughout the six-month period. Reaffirms confidence in outlook for full-year. Firm brought in sales revenue of GBP443.7 million in the first half of 2021 and Ebitda of GBP38.6 million.
"Trading in the first half has been excellent across the group and this will be reflected in a strong set of interim numbers in August. This trading performance is a result of the strategic actions undertaken in recent years, a streamlining of the business, and our resilient operating platform. Our long track-record for quality and operating excellence ensures that we are seeing an increasing range of opportunities from new and existing clients," says Chief Executive Officer David Miles.
Current stock price: 189.50 pence, down 0.3% on Thursday
12-month change: up 1.9%
By Elizabeth Winter; [email protected]
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