Mears Group reports a £3bn bid pipeline
Repairs and maintenance contractor Mears Group has reported a £3 billion bid pipeline and a renewed focus on social housing in a pre-closing trade update.
The company also reported yesterday that it’s current order book is at £3.8 billion. Of the company’s disposal of Haydon, which continued to make losses up until November 2013, the statement said that the move allows the board to focus on social housing and care businesses.
Morrison, which Mears took over in 2012, had a positive contribution this year, the statement said. Its key focus is now at an individual contract level to maintain the improved service delivery whilst continuing to resolve the remaining financial challenges, it continued.
David Miles, chief executive of Mears Group, said: ‘I am delighted with the progress Mears has made in 2013.
‘The UK care market is going through a period of significant change and I am proud of the robust business we have established. Mears will continue to be at the forefront of change in the sector in 2014 and beyond.
‘With Mears now focused solely on social housing and domiciliary care, I am delighted to report that we continue to achieve high levels of service delivery and customer satisfaction. The quality of our service delivery continues to be our key differentiator and underpins our success in bidding new contracts in both of our core growth sectors.’
The group has extended its existing revolving credit facility of £120 million by a further 2 years to July 2018 and will announce its full results for the year ended 31 December 2013 on 18 March.
