Mears says profit at upper end of expectations after contract wins

Mears has said its turnover and adjusted pre-tax profit will be at the “top end” of market guidance following “strong trading” in the second half of 2025.

The repairs and maintenance contractor, in an unaudited update for the year to 31 December, said it will report maintenance-led turnover of £610m, a 10% rise on the £556m reported in 2024.

Mears said the growth includes a full year of income from new contracts with North Lanarkshire Council and Moat Homes, along with a near 100% retention rate.

However the rise was offset by a drop of £77m in ‘management-led revenue’ to £500m due to a reduction in asylum accommodation contract income.

Mears said reported total turnover is expected to be around £1.1bn – a similar figure to the previous year- in line with guidance, while pre-tax profit will be £60m.

In September it acquired surveyor and consultancy Pennington Choices which the contractor said has allowed it to create new business opportunities.

The firm in December also signed a 10-year, £250m contract with housing association Cross Keys Homes to deliver responsive and void repairs, gas compliance and planned maintenance.

Lucas Critchley, chief executive officer at Mears, said: “Delivering strong growth in our traditional maintenance-led activities is a key achievement which continues to be underpinned by strong contract retention. We have extended the scope of our compliance offer both organically, and through acquisition; the addition of PCL in the second half of the year has been a particular highlight.”