Business
Record Preliminary Results
Record Preliminary Results.
About this update from Mears Group Plc
[{"type":"text","content":"\n RNS Number : 5804O Mears Group PLC 10 March 2009 \n \nEmbargoed Release: 07:00hrs Tuesday 10 March 2009\n\nMears Group PLC\n('Mears' or 'the Group')\n\nRecord Preliminary Results \nFor the Year Ended 31 December 2008\n\nMears Group PLC, the support services group to the social housing and domiciliary care sectors in the UK, is pleased to announce record results for the year ended 31 December 2008. \n\n\n\n\n\nFinancial Highlights\n\n\nYear ended 31 December 2008\n\n\nYear ended 31 December 2007\n\n\nChange\n\n\n\n\nRevenue\n\n\n£420.4m\n\n\n£304.6m\n\n\nup 38.0%\n\n\n\n\nOperating profit pre amortisation and share option charges\n\n\n£22.2m\n\n\n£17.6m\n\n\nup 26.1%\n\n\n\n\nDiluted EPS - normalised for full tax, pre amortisation and share option charges\n\n\n20.12p\n\n\n16.93p\n\n\nup 18.8%\n\n\n\n\nDividend per share\n\n\n4.75p\n\n\n4.00p\n\n\nup 18.8%\n\n\n\n\n\nOperational Highlights\n\n\n\n· Record level of revenue in Social Housing division to £282.0m (2007: £205.6m), growth of 37.2% including organic growth of 33.6%.\n· Domiciliary Care division contributed revenue of £54.6m compared to £28.7m in 2007. Domiciliary Care division has been successful in winning seven new contracts during 2008, contributing to the organic growth in 2008 of in excess of 10.0%.\n \n· Mears has achieved a number of major successes, winning contracts valued at in excess of £460m in total over the last twelve months.\n \n· Mears has already secured 89% of consensus forecast revenue for 2009 and secured 54% of consensus forecast revenue for 2010.\n \n· Order book currently at £1.6 billion with robust bid pipeline.\n\nBob Holt, Chairman, said:\n\n'Our order book stands at £1.6 billion and the demand for our services continues to be strong. Importantly our two growth markets Social Housing and Domiciliary Care, which account for over 80% of Group revenues, largely reflect quality partnership relationships with first class public sector customers. These are defensive sectors where spend is largely non-discretionary and which afford us substantial immunity from bad debts.\n\n'We conti...