StockMarketWire.com - Housing and care sector support provider Mears Group said its anticipated results for calendar 2019 continued to be in line with its previous guidance.

The company said the first half of the year had seen an intensive period of mobilisation after it secured three regions of the asylum accommodation and support contract with an estimated contract value of £100m per year over a 10-year period.

Mears said the acquisition of the property maintenance business of Mitie, completed in November, was progressing well.

Mears said it continued to 'place great emphasis on managing working capital tightly'.

'I am very satisfied with the progress made in the first half of 2019 particularly against the well documented challenges others have and are experiencing with the support services arena,' chief executive David Miles said.

'A significant amount of time and focused effort has been directed towards the integration of MPS and the mobilisation of AASC.'

'I am confident that the group is well placed to benefit from this up-front investment.'

'Our well proven and unique approach to contract mobilisation remains one of our key differentiators.'

'The board continues to accelerate the unwinding of the working capital absorbed within development activities announced three months ago. '

'We will ensure that the group remains well-positioned to contribute to the housing development needs of our customers.'


At 8:04am: [LON:MER] Mears Group PLC share price was -1p at 250p



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