Mears profit falls 3% as margins shrink

07:49 13/08/2019 - Housing and care-sector services provider Mears reported a 3% decline in first-half profit owing to weaker margins.

Pre-tax profit for the six months through June fell to £12.5m, down from £12.9m on-year, even as revenue rose 10% to £480.8m.

Adjusted profit fell 10% to £17.1m, which the company said reflected some margin dilution from the newly-acquired MPS business, as well as a reduction in profitability in the development unit, where it is scaling back its activity.

Mears declared an interim dividend of 3.65p per share, up 3% on-year.

'I am satisfied with the progress made in the first half of 2019,' chief executive David Miles said.

'Our financial and market position is robust as we seek to build on existing strengths and take advantage of new opportunities.'

'The board is confident of making further progress for the full year and over the longer-term.'

'The board remains confident of delivering its expectations for the full year, in line with previous guidance.'

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