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Mears profit surges by 42 per cent

Mears has seen a 42 per cent increase in profits in the first half of 2010 as its competitors in the social housing repair and maintenance sector continue to falter.

For the six months to 30 June 2010, the firm posted pre-tax profit of £13.2 million compared to £9.3m in the same period last year.

Revenue was also up 9 per cent from £232.7m in the first half of 2009 to £252.6m this year.

Chairman Bob Holt hailed Mears’ position as market leader in the social housing sector.

He said: “The opportunity for Mears has never been better.  Our order book is solid and stands at £2.6 billion with a sales pipeline of £3.0 billion and operating cash conversion at 94% of profit. Mears continues to build on that same long term platform for profitable growth which has been the cornerstone of our success.

“The proposed changes to the system for housing benefit will in our opinion promote the migration away from private dwellings towards social housing. The changes to the housing finance system will also provide local authorities opportunities for further investment in their housing stock which can only be positive for a leading provider like Mears. 

“In addition, the majority of our social housing revenue is derived from Housing Associations who are less affected by any reduction in public sector spending.”