11th Jan 2024 10:34
(Alliance News) - Mears Group PLC on Thursday said it expects its 2023 results to beat market expectations.
Shares in Mears rose in response, up 7.7% to 337.12 pence each in London on Thursday morning.
The Gloucester, England-based housing and social care provider forecasts revenue of GBP1.05 billion, up 7.3% from 2022's GBP959.6 million and ahead of the market forecast of GBP1.03 billion.
Adjusted pretax profit is expected at GBP43 million, compared to consensus of GBP40.9 million. This would be a 22% increase from a adjusted pretax profit of GBP35.2 million in 2022.
Looking ahead, Mears said that the momentum from 2023 will continue, and it expects its 2024 results to beat market forecasts of GBP888 million in revenue and adjusted pretax profit of GBP33.9 million.
"We are delighted to have achieved strong revenues, profits and cash generation in 2023. This strong momentum is expected to continue into 2024 and the group continues to deliver well against its clearly defined strategy, underpinned by our long track-record for operating excellence," said Chief Executive Officer Lucas Critchley.
By Sabrina Penty, Alliance News reporter
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