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.

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