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Trading statements

Mears Group sees FY results in line with views

17 January 2017 09:45

Mears Group said in a pre-close trading update that it continues to deliver a solid trading performance and anticipates reporting FY results in line with management expectations.

The Group expects to report a small net debt balance at 31 December 2016.

"Our Housing division experienced a record number of new contract starts during 2016. Following a successful period of mobilisations, these contracts are fully bedded down," it said.

"The rationalisation of our Care business, which we announced in August, is substantially complete, allowing greater focus to be placed upon higher quality contracts with sustainable margins."

The Group has good visibility of future revenues with 93% and 82% of the market consensus revenue forecast for 2017 and 2018 of £1.01bn and £1.06bn respectively (PY 94% and 82%).

At 9:45am: (LON:MER) Mears Group PLC share price was +6.38p at 462.38p

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