Mears Group Plc (MER.L) said on Tuesday that it expects pre-tax profit for the first six months of fiscal 2025 to be modestly ahead of the same period last year. This is mainly due to strong business experienced during the given period, the company added.
In the first half of 2024, the British housing and social care provider had reported pre-tax profit of 30.5 million pounds on revenues of 580 million.
Mears Group said that in the first six months, there was strong growth in Maintenance-led activities, supported by increased spending from Registered Provider clients due to regulatory drivers and reinforced by 100 percent contract retention over the last one year.
The company said that its operating margins have also increased from last year, helped by strong operating cash flows.
Buoyed by the good performance in the first half, the company's Board expects full year results to be modestly ahead of current market expectations. Pre-tax profit and revenues are expected above 54 million pounds and 1.06 billion pounds, respectively.
The company said that analysts expect the company to post pre-tax profit of 50.9 million pounds on revenues of 1.06 billion pounds for fiscal 2025.
Mears Group will declare its interim results for the first half ended June 30 on August 7.
Lucas Critchley, Chief Executive Officer said, "Trading in the first half has been excellent across the Group. We have continued to make progress against each of our key strategic goals; delivering growth in maintenance activities, developing a full compliance and asset management offer, and positioning the Group to deliver additional housing services to Central Government."
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