Mears wins big after rivals' collapse

16th Aug 2011 08:57

Social housing and care provider, Mears Group, has announced record interim results, hailing "unprecedented levels of opportunity in the public sector".The firm said profits before tax came in at £14.1m for the six months to the end of June, a 7% increase on the year before. Revenues were up 16% to £292.6m, with an orderbook of £2.7bn.The firm added that it had in excess of £3bn of social housing bids in the pipeline, of which £1.7bn of new contract opportunities were available for award within the next 12 months.Mears has benefited from the collapse of its rivals Connaught and Rok, which were victims of the financial crisis.David Miles, chief executive of Mears, said the outlook was excellent for the firm, partly due to the move towards greater investment in energy efficiency in housing. "Similarly, in care, Government policy continues to drive investment towards supporting people in their own homes rather than in residential or NHS settings," he said."We have never been better placed to consolidate our leadership position in our sectors."