Mears up on forecast beating profits
Social housing maintenance firm Mears beat profit forecasts for 2011 as it sought to grow its care homes business.
Social housing maintenance firm Mears beat profit forecasts for 2011 as it sought to grow its care homes business.
Turnover came in at £589m slightly below the consensus forecast of £598m but still 12% ahead of 2010.
Profits before tax beat expectations, totalling £31.5m versus a forecast of £31.2m. The figure was 9% up on 2010.
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The social housing maintenance and repairs division, the group's bggest saw revenues of £415m, up 9% on 2011, while the recently acquired care division beat 2010 by 8%, coming in at £108.5m.
Dividend per share was increased by 6.75p per share to 7.5p.
Mears also says it has booked revenues equivalent to 94% of the consensus forecast for 2012 and 80% of 2013's expected turnover.
Chief Executive David Miles said he was in the market for bolt-on acquisitions.
Shares in Mears had risen 0.7% by 09:51
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