Mears moves to reassure investors

SOCIAL housing maintenance firm Mears moved to reassure investors yesterday by reporting it has secured revenues worth 91 per cent of consensus forecast for the year.

The company said its order book stood at £2.5bn, with a bid pipeline of £3bn, and told the stock market it is experiencing no downward pressure on spending on social housing, in an extended version of a statement released on Friday evening.

Mears chairman Bob Holt said: “Local Authority clients continue to consider more innovative and higher scale partnerships which is already evidenced this year with major contract wins.”

It made the announcement after rival Connaught issued a profit warning. Mears shares closed up 0.4 per cent at 250p yesterday.