Housing and social care specialist Mears Group (LON:MER) registered a 13 percent hike in profit during 2016, adding that it had yet to see any impact from the UK’s decision to leave the European Union.
Pretax profit rose to £29.4 million in the 12 months to December 31st, up from £25.9 million the previous year. The company, who specialise in maintaining care homes and providing social care, said their order book stood at £3.1 billion, slightly down from a record £3.5 billion reported at the end of 2015.
Turnover rose to £940.1 million, up from £881.1 million. The company cut around 20 percent of care contracts that were underperforming over the course of 2016,”redirecting activities towards maintaining a portfolio of good quality contracts”.
Chief Executive David Miles said:
“I am pleased with our progress in 2016, particularly with the advancement made by our housing division.
“We have positioned ourselves to provide a broader service offering in housing to a market where we are seeing an increasing blurring of the boundaries between social, affordable and private rented housing. We are well placed to benefit from a healthy and wider pipeline of opportunities.
“We firmly believe in our long-term care strategy and that Mears is best placed to benefit from the inevitable market evolution.”
Shares in Mears Group are currently flat, trading down 0.49 percent at 504.50 (0936GMT).