Mears Group lifts first-half profit projections

27th Jun 2024 11:46

(Sharecast News) - Mears Group announced a robust trading performance in its first half on Thursday, with profit before tax expected to exceed both the previous year's figures and the board's initial projections.

The London-listed company said the positive outcome had been driven by sustained high revenues from its management-led activities, improved operating margins, and strong cash generation.

It said it now expected overall results for the 2024 financial year would be modestly ahead of current market expectations.

"Trading in the first half has been excellent across the group, and this will be reflected in a strong set of interim numbers in August," said chief executive officer Lucas Critchley.

"We have made good progress in the first-half, with a focus on developing and broadening the range of services we offer to clients.

"In addition, an increased operational focus, making fuller use of the group's IT system capabilities, is resulting in operational and commercial improvements, and is reflected in the continued progress in operating margins."

Mears said it would announce its interim results for the six months ended 30 June on 8 August.

At 1050 BST, shares in Mears Group were up 0.96% at 368.5p.

Reporting by Josh White for Sharecast.com.