Business
Preliminary Results
Mears Group PLC reported preliminary results for the year ended 31 December 2025, with total revenue remaining flat at £1,135.5 million, driven by a 12% increase in Maintenance-led revenue to £620.4 million, which offset an 11% decrease in Management-led revenue to £515.0 million. Statutory operating profit rose by 3% to £75.0 million, with an improved statutory operating margin of 6.6%, while adjusted operating profit increased by 2% to £64.8 million, and the adjusted operating margin strengthened to 5.7%. The company announced new contract awards valued at over £300 million, contributing to an all-time high order book of £4.0 billion, and recommended a 9% increase in the full-year dividend to 17.50p per share, alongside a new £20 million share buyback programme. Disclaimer*
About this update from Mears Group Plc
[{"type":"text","content":"\n\nMears Group PLC\n('Mears' or 'the Group' or 'the Company')\nPreliminary Results for the year ended 31 December 2025\n \nStrong financial, operational and strategic progress\nNew contract awards valued at over £300m\n \nMears Group PLC, the leading provider of services to the Housing sector in the UK, announces its preliminary financial results for the year ended 31 December 2025 ('FY25').\n \nFinancial Highlights\n \n\n\n\n\n \n\n\nFY 2025\n\n\nFY 2024\n\n\nChange\n\n\n\n\nTotal Revenue (£m)\n\n\n1,135.5\n\n\n1,132.5\n\n\n+0%\n\n\n\n\nRevenue - Maintenance-led (£m)\n\n\n620.4\n\n\n555.8\n\n\n+12%\n\n\n\n\nRevenue - Management-led (£m)\n\n\n515.0\n\n\n576.7\n\n\n-11%\n\n\n\n\nStatutory operating profit (£m)\n\n\n75.0\n\n\n72.6\n\n\n+3%\n\n\n\n\nStatutory operating margin %\n\n\n6.6%\n\n\n6.4%\n\n\n\n\n\n\n\nAdjusted operating profit (pre-IFRS 16) (£m)1\n\n\n64.8\n\n\n63.6\n\n\n+2%\n\n\n\n\nAdjusted operating margin %1\n\n\n5.7%\n\n\n5.6%\n\n\n\n\n\n\n\nProfit before tax (£m)\n\n\n63.5\n\n\n64.1\n\n\n-1%\n\n\n\n\nBasic EPS (p)\n\n\n55.70\n\n\n50.27\n\n\n+11%\n\n\n\n\nDiluted EPS (p)\n\n\n53.86\n\n\n48.86\n\n\n+10%\n\n\n\n\nDividend per share (p)\n\n\n17.50\n\n\n16.00\n\n\n+9%\n\n\n\n\nAverage daily adjusted net cash2 (£m)\n\n\n52.8\n\n\n59.6\n\n\n-11%\n\n\n\n\n \n· Group revenues increased to £1,135.5m (FY24: £1,132.5m). Strong growth in Maintenance-led activities (organic, +11%), which represents 55% of Group revenue (FY24: 49%) offset, as anticipated, by a reduction in Management-led revenues, a trend that is expected to continue.\n· Profit before tax marginally lower at £63.5m (FY24: £64.1m) but adjusted operating margin strengthened further to 5.7%1 (FY24: 5.6%) reflecting robust commercial and operational performance.\n· Excellent cash performance with average daily adjusted net cash of £52.8m (FY24: £59.6m)\no Cash conversion at 82% of EBITDA, including, as anticipated, an unwind in negative working capital (FY24: 101%, last four years: 104%).\no Adjusted net cash at 31 December 2025 of £51.8m2 (FY24: £91.4m) after absorbing £17.2m purchase of own shares, £8.9m of M&A and £25.1m of property acquisitions.\n· The Board is recommending a final dividend of 11.90...