Mears Group wins £125m contract in North Lanarkshire

14th May 2024 15:14

(Sharecast News) - UK housing services providers Mears Group has won a contract with North Lanarkshire Council worth £125m, the company announced on Tuesday.

The housing and corporate maintenance and investment services contract, which will start immediately, extends Mears' relationship with the council of North Lanarkshire, north-east of Glasgow, for a period of up to 12 years.

Mears said it will provide reactive maintenance, statutory compliance, and inspection services, as well as programmes of planned works to NLC's housing assets (around 37,000 homes) and corporate assets (around 1,200 buildings).

The contract award comes one month after the publication of Mears' full-year results, in which it reported that revenues topped the £1bn mark in 2023, rising 14% year-on-year, as profits surged 34%.

The stock, down 1.4% at 384p, has risen 24% since the start of 2024 and by 44% over the past six months.