UK Housing solutions provider Mears Group (MER.L) Thursday said it has experienced strong trading in the first half, and expects fiscal 2024 profit before tax to be ahead of both the prior year and the Board's expectations.
The Board expects the outturn for fiscal 2024 to be modestly ahead of current market expectations. The current consensus analyst forecasts for fiscal 2024 include revenues of 999 million pounds and profit before tax of 46.7 million pounds.
The company previously expected adjusted profit before tax in the year 2024 to be of a similar quantum to fiscal 2023.
In its trading update, the company said its strong first half performance has benefited from continued elevated revenues in its Management-led activities, further improvement in operating margins and strong cash generation.
Lucas Critchley, Chief Executive Officer of the Group, said, "Trading in the first half has been excellent across the Group and this will be reflected in a strong set of interim numbers in August. We have made good progress in the first-half, with a focus on developing and broadening the range of services we offer to clients. In addition, an increased operational focus, making fuller use of the Group's IT system capabilities, is resulting in operational and commercial improvements, and is reflected in the continued progress in operating margins."
The company will announce its first-half results on August 8.
For comments and feedback: editorial@rttnews.com