Housing services provider Mears Group plc (MER.L) reported Thursday that its fiscal 2023 profit before tax increased 34% to 46.9 million pounds from last year's 34.9 million pounds.
Earnings per share were 31.94 pence, up 30 percent from 24.51 pence last year.
Adjusted earnings per share were 31.24 pence, compared to 24.69 pence last year.
Group revenues went up 14% to 1.09 billion pounds from last year's 959.6 million pounds.
Further, the Board is recommending a final dividend of 9.30 pence, bringing the full year dividend for 2023 to 13.00 pence, up from last year's 10.50 pence. This reflects continued strong cash performance and the Board's confidence in the Group's prospects.
Looking ahead, Mears said it has made a strong start to 2024. The Board continues to anticipate a reduction in management-led revenues as the elevated activity level seen across FY23 normalises, although the timing remains uncertain. Adjusted profit before tax in the year is expected to be of a similar quantum to fiscal 2023.
Lucas Critchley, Chief Executive Officer of the Group, said, "We are delighted to have delivered strong growth in revenues, profits and cash generation in 2023. … The Board believe that the Group is well-positioned for the future and is pleased that the strong trading momentum built in 2023 has continued into 2024."
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