Business
AGM Statement
AGM Statement.
About this update from Mears Group Plc
[{"type":"text","content":"\n \n \n \n 17 May 2022\n \n \n \n \n Mears Group PLC\n \n \n \n \n (\"Mears\", the \"Group\", or the \"Company\")\n \n \n \n \n \n \n \n \n \n AGM Trading and CEO Succession Planning\n \n \n \n \n \n \n Mears (LSE: MER),\n the leading provider of services to the Housing sector in the UK, is holding its Annual General Meeting today at 10.00a.m., at which the Chairman will make the following statement:\n \n \n Trading update\n \n \n The Group has experienced strong trading in the first four months of its financial year, in particular, driven by continued elevated revenues in its Management-led activities, improving operating margins and excellent cash performance. The Board is therefore pleased to report that the Group's financial results for the first four months to April 2022 are ahead of its expectations, and the Board is increasingly confident in the outturn for the full financial year. This strong performance has been achieved, notwithstanding a challenging operational backdrop including price inflation and skills shortages, and through a busy period of new contract mobilisations.\n \n \n \n Succession planning\n \n \n \n David Miles has indicated that, after over twenty-six years at Mears, he wishes to start transitioning towards retirement from the Chief Executive Officer (\"CEO\") role. As part of the Company's succession planning, and following a thorough selection process, the Board is pleased to confirm that Lucas Critchley, Chief Operating Officer, has been selected to work alongside David Miles and assume the CEO role at a future date. Lucas joined the Group in 2004 and since that time has held senior roles across the Group gaining 18 years of experience in the operational and commercial delivery of contracts to Local and Central Government clients, sharing Mears commitment to partnering and excellence in Customer Service.\n \n \n \n David Miles, Chief Executive Officer of the Group, commented:\n \n \n \n \n \"The Group has performed brilliantly through the year to date. I am delighted at the strong financial performance delivered in the first four months. We are trusted partners to our Local and Central Government clients. Our clients face significant operational challenges and Mears core skills and well-invested operating platform ensures we are well placed to support them though these.\"\n \n...