Gloucester housing group Mears posts strong six-month performance

Mears Group, a Gloucester-based housing and social care provider, has shared an ‘excellent’ first-half performance in a trading update for the six months ended 30 June 2024.

The group posted revenues of £580.0m for the period – up 10 per cent from £525.6 million in the first half of 2023 – with pre-tax profits up 44 per cent at £30.5 million.

A recent highlight has been securing a new contract with North Lanarkshire Council, which is expected to generate annual revenues of more than £125 million for a minimum of eight years.

Mears Group also helped many clients secure grants through the Social Housing Decarbonisation Fund, facilitating more than £50 million of funding through waves 1 and 2, with applications for wave 3 now underway.

The board anticipates full-year revenues of around £1.1 billion.

CEO Lucas Critchley said: “Trading in the first half has been excellent across the Group and is reflected in a strong set of interim numbers.

“We’ve made good progress in the first half, with a focus on developing and broadening the range of services we offer to clients.

“In addition, an increased operational focus, making fuller use of the group’s IT system capabilities, is resulting in operational and commercial improvements, and is evident in the continued progress in operating margins.”