Mears secures £450m contract for Birmingham City Council

(Sharecast News) - Housing sector services provider Mears had secured a contract award from Birmingham City Council for the provision of responsive and void maintenance, gas servicing and heating installation, planned maintenance and improvement programmes to Council housing stock. Mears said on Wednesday that the contract has an estimated value of £450m over the initial period of ten years and will see it deliver work to 11,500 units of Council housing stock within the BCC West-Central region.

The AIM-listed group added that there was also an option for the Council to extend for a further period of five years.

Chief executive Lucas Critchley said: "This is a very significant contract award for the group and an important new customer relationship. The group remains highly selective in bidding new work. The nature of this contract, an all-encompassing, long-term asset management arrangement, as previously communicated, forms the bedrock of our forward strategy.

"This type of contract offers continued opportunity to the group to deliver high quality, impactful contracts to our client base and in turn deliver growth in our maintenance division."

As of 1030 GMT, Mears shares were up 5.26% at 370p.











Reporting by Iain Gilbert at Sharecast.com