Mears Group (MER) Trading Update summary

Trading performance

• Trading remained strong since August, with core housing operating margins advancing due to increased operational and commercial focus.

• Management-led activity volumes declined more slowly than expected, supporting overall performance.

• Full year 2024 revenues are now expected to reach approximately £1,125m, above previous consensus of £1,098m.

• Adjusted profit before tax is anticipated to be at least £60m, up from the prior consensus of £54.5m.

• The group attributes improvements to its clearly defined strategy and enhanced operational focus.

Strategic focus and operations

• Mears manages and maintains around 450,000 homes across the UK, mainly through long-term government contracts.

• The company emphasizes high customer satisfaction and long-term outcomes for residents.

• Over 5,000 employees deliver property management, maintenance, and broader housing solutions.

• Innovations target positive social, economic, and environmental impacts for communities.

• Sustainable financial returns and value creation for shareholders remain key priorities.

Outlook and leadership commentary

• CEO Lucas Critchley highlighted the positive impact of operational and commercial improvements on margins.

• The board expects full year results to be materially ahead of previous expectations.

• A fuller update will be provided with the full year results.