Shares of Mears Group (MER.L) were gaining more than 5 percent in the morning trading in London after the UK Housing solutions provider on Thursday higher profit and revenues in its first half.
Further, the company announced an interim dividend of 4.75 pence per share, an increase of 28 percent from last year, reflecting continued strong cash performance and Board's confidence in future prospects.
Regarding the current trading, the company said the positive momentum achieved in the first six months of 2024 has continued into the second half.
For fiscal 2024, Mears Group now anticipates revenue of approximately 1.1 billion pounds, with adjusted profit before tax in a range of 53 million pounds to 55 million pounds, ahead of current market expectations.
In the first half, profit before tax increased 44 percent to 30.5 million pounds from 21.2 million pounds last year.
Earnings per share were 23.12 pence, up 64 percent from last year's 14.09 pence.
Normalised earnings per share went up 68 percent to 22.84 pence from 13.63 pence a year ago.
Revenues grew 10 percent to 580.0 million pounds from 525.6 million pounds a year earlier.
In London, Mears Group shares were trading at 358.50 pence, up 5.44 percent.
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