Business
Half Yearly Report
Half Yearly Report.
About this update from Mears Group Plc
[{"type":"text","content":"\n \nRNS Number : 5316L Mears Group PLC 13 August 2013 \n \n\n13 August 2013\nMears Group PLC\n(\"Mears\" or \"the Group\")\nInterim Results \nFor the six months to 30 June 2013\n \nMears Group PLC, the support services group to the Social Housing and Care sectors in the UK, is pleased to announce interim results for the six months to 30 June 2013.\n\n\n\n\n \nFinancial Highlights\n\n\n \n \nSix months to 30 June 2013\n\n\n \nSix months to \n30 June 2012\n(as restated)\n\n\n \n \n \nChange\n\n\n\n\n\nRevenue\n\n\n\n£457.8m\n\n\n\n£307.2m\n\n\n\nup 49% \n\n\n\n\n \nAdjusted profit before tax*\n\n\n \n£15.5m\n\n\n \n£13.5m\n\n\n \nup 15%\n\n\n\n\nDiluted EPS (stated after exceptional costs)\n\n\n\n3.61p\n\n\n\n9.53p\n\n\n\ndown 62%\n\n\n\n\nNormalised diluted EPS**\n\n\n\n12.23p\n\n\n\n11.39p\n\n\n\nup 7%\n\n\n\n\nDividend per share \n\n\n\n2.50p\n\n\n\n2.30p\n\n\n\nup 9%\n\n\n\n\n \n* Adjusted measure is stated before amortisation of acquisition intangibles and exceptional costs\n** Normalised EPS is stated before amortisation of acquisition intangibles, exceptional costs and adjusted to reflect a full tax charge\n \nSummary of Operations and Outlook\nFinancial:\n· Revenue increased by 49%.\n· EBITA to cash conversion at 100% (2012: 100%) for the rolling 12 month period to June 2013.\n· Strong Balance sheet.\n \nSocial Housing Division:\n· Revenues grew by 76%, including strong organic growth of 17% to £378.9m (£215.0m).\n· Operating margin delivered at 3.7% - a blend of a Mears margin at 5.6% (2012: 5.0%) and Morrison at break-even.\n \nCare Division:\n· Revenue increased by 8% to £60.5m (2012: £56.1m) as a result of the acquisition of ILS. \n· Operating margin maintained at 8.1% (2012: 8.1%).\n· Acquisition of ILS enhances our higher acuity care offering.\n \nGroup Outlook:\n· Order book of £3.8 billion (2012: £2.7 billion). Solid pipeline of new opportunities.\n· Full visibility of consensus forecast revenue for 2013 and in excess of 85% for 2...