Mears increases turnover

Mears, the social housing repairs and maintenance contractor, has announced a 14% jump in revenue during the first six months of 2009.

Turnover at the firm rose to £232.7million from £203.3million the year before. Operating profits hit double figures, rising to £10.8million when , the profits do not take into account the acquisition in January this year of 3C Asset Management.

The firm’s revenue was helped by the performance of its social housing division, which saw its turnover rise 30% to £176million, up from £134.9million last year.

Bob Holt, Chief Executive of Mears Group, said: “These results demonstrate our commitment to continued growth as well as underlining the defensive qualities of the business. Our order book stands at £1.8 billion and the demand for our services continues to be strong. Importantly, our two growth markets Social Housing and Domiciliary Care, which account for approaching 90% of Group revenues, reflect quality partnership relationships with first class public sector customers. These are defensive markets where spend is largely non-discretionary. "