29th Jun 2021 11:00
(Alliance News) - Mears Group PLC on Tuesday said ahead of its annual general meeting, that its trading for 2021 to date has remained in line with management expectations, leading to a reiteration of guidance for the year being in line with market consensus.
Compiled analyst consensus for 2021 has the Brockworth-based housing and social care provider's adjusted pretax profit coming between GBP21.3 million and GBP25.4 million, and revenue ranging from GBP771 million to GBP811 million.
For 2020, Mears had reported an adjusted pretax loss of GBP3.4 million, on GBP805.8 million in revenue.
For the six months ended June 30, adjusted pretax profit is expected to be around GBP11.0 million, swinging from a loss of GBP5.7 million a year before, and revenue is set to be in excess of GBP430 million, marking at least a 5.7% rise compared to GBP407.0 million.
Mears attributed this to increasing activity levels, allowing for a complete return to normal payment mechanisms across the company's contract portfolio.
"The group has again performed well and traded resiliently through another lock-down impacted reporting period. However, as we look forward, activity levels and operating and financial arrangements are returning to normal across the group and we are confident that this will be reflected in the group's financial performance in the second half of the year," said Chief Executive Officer David Miles.
Shares in Mears were up 1.6% at 187.01 pence on Tuesday in London, having risen 21% in value in 2021 to date.
By Dayo Laniyan; [email protected]
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