Mears upgrades annual profit guidance

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Housing services provider Mears upgraded is annual profit guidance after the Omicron coronavirus variant failed to dent demand.

Adjusted pre-tax profit for the year through December was expected to be around £25.5 million, ahead of market consensus of £25.1 million.

Revenue was expected to rise to in excess of £870 million, up from £806 million year-on-year.

'This financial performance has been driven by sustained higher volumes of work across the group,' Mears said.

'Despite the operational challenges posed by Omicron in December and January, there has been no material impact on activity levels or service quality.'

'The company entered the new financial year in a strong position, and trading to date is in line with the board's expectations. The contract pipeline is active and growing.'