12th Jan 2016 08:38
LONDON (Alliance News) - Mears Group PLC on Tuesday said it expects its 2015 results to meet its expectations as solid trading continued in the final months of the year.
The group, which provides support services to the social housing and care sectors, said it has continued to see a strong performance in its housing unit, which accounts for 80% of its total revenue. This has helped to offset more challenging conditions in its smaller care unit.
Mears said it has 94% visibility on the market consensus expectations for its revenue in 2016 of GBP975.0 million, up from 92% a year earlier thanks to contract wins in the housing arm.
"Our housing business has delivered a strong performance, and I continue to be pleased with the progress being made. The speed of development of our housing management business is particularly exciting and the outlook here is excellent," said David Miles, Mears' chief executive.
"Our care business continues to find the current market conditions challenging. However in the long-term we see significant opportunity in the care sector and remain confident that we have the right strategy," he added.
Mears shares were up 2.6% to 445.00 pence early Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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