At the company’s annual general meeting this morning (8 June), chairman Bob Holt told shareholders that the “positive trends” for the business were continuing.
New contract awards since March include:
- A £52m 10-year repair and maintenance contract with Bedfordshire Pilgrims Housing Association
- Additional repair and maintenance contracts totalling £30m over an average term of four years, including Dover District Council and Leeds City Council
- Mears’ first in-sourcing solutions contract with Epping Forest District Council to provide support to the direct labour organisation
- Several new domiciliary care contracts ranging from two to five years in duration with an estimated aggregate value of £37m over their lifetime
- A £4m three-year contract for the Home Improvement Agency service provided by Gloucestershire County Council.
Mears’ order book currently stands at £2.7bn, with secured revenues representing 93% of the £620m consensus revenue forecast for the current year and 80% of the £667m forecast for 2012.
Chief executive David Miles said: "We continue to see high levels of opportunity within the public sector for both our growth markets in social housing and domiciliary care. Our Social Housing division will continue to focus on further organic growth. Mears Care is well placed to lead and consolidate the domiciliary care market and we continue to target acquisitions that will expand the range of care services provided to people in their homes."
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