28th Apr 2023 11:38
(Alliance News) - Mears Group PLC shares rose on Friday, after its reported a strong financial performance in 2022 and announced a GBP20 million share buyback.
Shares in the housing and social care provider were up 7.9% to 225.00 pence each in London on Friday around midday.
Mears reported that revenue jumped to GBP959.6 million from GBP878.4 million. Pretax profit more than doubled to GBP34.9 million from GBP16.3 million.
The company said it successfully mitigated most of the problems caused by cost inflation, skill shortages and supply chain issues that affected the wider industry in 2022.
Mears declared a final dividend of 7.25p per share, bringing the full-year payout to 10.50p, up from 8.0p a year prior.
The company added that its board has approved a GBP20 million share buyback to return capital to shareholders.
Mears said that it has made a positive start to 2023 with current trading in line with its expectations. Its order book at year-end stood at GBP2.9 billion, up from GBP2.4 billion a year prior.
Chief Executive Officer David Miles said: "I am delighted with the strong performance of the group, and these are a terrific set of financial results. Our market leading position, based on a clear strategy and resilient operating platform, has underpinned this performance, and positions the group for further sustainable growth in the medium-term."
By Sophie Rose, Alliance News reporter
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