Mears resilient despite pandemic disruption
London-listed housing solutions provider Mears Group PLC has shrugged off pandemic-induced disruption to remain on course for a strong year.
Group revenues for the first half of 2021 are expected to be in excess of £430m and adjusted profit before tax to be around £11m, in line with current market forecasts, the firm said in a trading update this morning.
The company’s share price surged 7 per cent in morning trading.
In a statement, Mears said “the positive working capital and improved net debt performance from quarter four FY2020 has continued in the first half of 2021, with average daily net debt anticipated to be approximately £20m, a significant reduction from the £97m reported in 2020.”
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Mears noted that the board anticipates returning to the dividend list for the six months ended 30 June 2021.
David Miles, chief executive officer of Mears Group, said: “The Group has again performed well and traded resiliently through another lock-down impacted reporting period.”
“As we look forward, activity levels and operating and financial arrangements are returning to normal across the Group and we are confident that this will be reflected in the Group’s financial performance in the second half of the year.”
The company is holding its Annual General Meeting at 11am today.