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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Will “Liberation Day” strike again?
Donald Trump’s 90-day tariff pause comes to an end on 9 July. Can we expect further market turmoil?
-
Israel claims victory in the '12-day war' with Iran
Donald Trump may have announced a ceasefire in the 12-day war between Israel and Iran, but what comes next depends on what happens internally in Iran