Mears Group, the social housing and care provider firm, has reported a 12 per cent jump in its full year revenues to £589.00 million from £523.90 million in 2010. The social housing and care revenues rose by 9 per cent to £415 million and 8 per cent to £379.40 million repectively.
For the year ended 31 December, 2011, the group's pre-tax profit grew 9 per cent to £31.50 million compared to £28.90 million in 2010, while opertaing profits rose 7 per cent to £33.60 million from £31.30 million in 2010.
"In this challenging environment, the group has performed strongly, particularly in terms of revenue growth, significant new contract awards and delivering strong operating margins. Since my appointment as chief executive, I have focused on enhancing further our market-leading service delivery and bidding capabilities through both senior management recruitment and training, and process improvement," said CEO David Miles, while commenting on the earnings.
Mears posted a profit of 26.01 pence per share (diluted), up by 11 per cent from 23.38 pence in 2010 and declared a total dividend of 7.50 pence per share for the year.
"In challenging market conditions overall, we continue to believe that our track record of superior customer service, financial strength and service innovation will position us well to meet our customers' needs in our two growth markets," Miles added.