3rd Jun 2015 06:48
LONDON (Alliance News) - Mears Group PLC Wednesday said it now has 93% visibility on the revenue that analysts expect it to make in 2015 and 82% visibility on the forecast revenue for 2016, as it makes "solid progress" in its social housing business despite reporting a subdued new bidding market that's set to pick up.
The social housing and care sector services company said it has 93% visibility on the GBP881 million analysts' consensus revenue forecast for this year and 82% visibility on the GBP930 consensus forecast for 2016, excluding the acquisition of the Care at Home business of Care UK Ltd that it announced on Monday.
In a trading update, Mears said it has secured new social housing contracts worth GBP62 million so far in 2015, a conversion rate by value of 39%. Its most notable deal is a 10-year contract with Croydon Churches worth GBP30 million.
"Whilst, as we anticipated, new bidding opportunities in Social Housing have been subdued in the first half of 2015, I am excited by a number of material contract opportunities that are now reaching an advanced bidding stage that bring together a broader range of our Housing services," Chief Executive David Miles said.
Its care business, meanwhile, has secured new contracts worth GBP26 million so far in 2015, a conversion rate by value of 61%.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Mears