19th May 2014 08:25
LONDON (Alliance News) - Social housing repairs and maintenance business Mears Group PLC Monday said it has secured new contracts worth GBP110 million in 2014, with its social housing division, which signed a GBP40 million ten-year contract with Medway Housing, leading the way.
Gloucester-based Mears said it has secured GBP70 million in new Social Housing contracts since the turn of the year. However, it said while the speed of new opportunities coming through has been slower than expected, its bid pipeline remains unchanged at GBP3.0 billion.
Mears said its Care business also has made progress, securing a number of important domiciliary care contracts, especially in Scotland. The division has secured contracts worth GBP40 million so far this year.
Looking ahead, the company said it hopes to invest further in complex care work. Complex care, for those who require extra support in the home, currently makes up 14% of total Care revenue, having doubled over the last three years.
Mears said it has invested in its Nurseplus business and will continue to target this area to drive growth. Mears Nurseplus specialises in the care of adult and paediatric clients who have a range of complex conditions that require clinical intervention.
"Both the Social Housing and Care divisions continue to deliver high-quality customer services, which remain our key differentiator underpinning our success in bidding new contracts, and provide a strong visibility to revenues," Chief Executive David Miles said in a statement. "Trading at this early stage in the year is in line with the board's expectations."
The stock was trading up 0.3% at 483.19 pence Monday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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