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Mears Group (MER) investor relations material
Mears Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved excellent operational and financial performance with strong growth in maintenance-led activities and continued margin improvement.
Secured £1.2bn in new maintenance orders over the last 12 months, with the order book reaching an all-time high of £4.0bn.
Strategic acquisition of Pennington Choices expanded compliance capabilities; disposal of FM business post year-end to focus on core strategy.
Financial highlights
Revenue stable at £1,135.5m (0% change year-over-year); adjusted operating profit up 2% to £64.8m.
Adjusted operating margin increased to 5.7% from 5.6% year-over-year.
Diluted EPS rose 10% to 53.9p, aided by a 10% reduction in share count.
Proposed dividend up 9% to 17.5p.
Free cash flow decreased to £28.3m from £57.1m, reflecting higher property acquisitions and shareholder returns.
Outlook and guidance
Maintenance-led revenue expected to grow 5-9% per annum; management-led revenue to decline as AASC normalises.
Adjusted operating margin guidance maintained at 5-6% for the medium term.
Launch of a new £20m share buyback programme in FY26.
Board confident in offsetting profit reduction from FM disposal with core business performance.
- Profit and margins surged on organic growth and new contracts, with 2025 guidance raised.MER
H2 202420 Feb 2026 - Maintenance-led revenues up 10%, profit at top end of guidance, and strong contract retention.MER
Trading update22 Jan 2026 - Profit and margins rose, driven by Maintenance growth and strong contract retention.MER
H1 20257 Aug 2025 - Upgraded full-year outlook driven by strong H1 trading and growth in maintenance services.MER
Trading Update3 Jul 2025 - FY24 profit and revenue forecasts upgraded on strong trading and margin improvements.MER
Trading Update13 Jun 2025 - Double-digit revenue and profit growth in H1 2024, with robust outlook and major contract wins.MER
H1 202413 Jun 2025 - Mears expects FY24 profit and revenue to surpass market forecasts, driven by strong H1 trading.MER
Trading Update13 Jun 2025 - FY24 results to exceed expectations as Mears secures contracts and boosts margins.MER
Trading Update6 Jun 2025
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