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Mears Group PLC - housing and social care provider - Says revenue levels in the first half of 2022 are ahead of the previous year, as operating margin improves. Notes ‘sustained higher levels’ of management-led acitivity, and ‘excellent’ cash generation. Reports earnings before interest, tax, depreciation and amortisation to operating cash conversion ‘in excess’ of 100%, and an average daily net positive cash position throughout the six-month period. Reaffirms confidence in outlook for full-year. Firm brought in sales revenue of £443.7 million in the first half of 2021 and Ebitda of £38.6 million.
‘Trading in the first half has been excellent across the group and this will be reflected in a strong set of interim numbers in August. This trading performance is a result of the strategic actions undertaken in recent years, a streamlining of the business, and our resilient operating platform. Our long track-record for quality and operating excellence ensures that we are seeing an increasing range of opportunities from new and existing clients,’ says Chief Executive Officer David Miles.
Current stock price: 189.50 pence, down 0.3% on Thursday
12-month change: up 1.9%
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