StockMarketWire.com - Housing sector support provider Mears said it expected to report a 16% rise in underlying annual revenue, driven by its acquisition of MPS.

The company also said it was at 'an advanced stage' in a planned sale and exit from its domiciliary care operations.

Revenue from continuing activities for the year through December was seen rising to more than £900m, up from £773m on-year.

'The revenue growth of around 16% is predominantly driven by the acquisition of MPS, which delivered revenues of around £115m,' Mears said.

The company said it was at an advanced stage in the sale of its England and Wales domiciliary care business, a move that would result in around 1,500 employees leaving the group across 18 branches.

It added that it expected to complete the disposal of its Scotland domiciliary care business during 2020.

'A significant amount of time and focused effort has been directed towards the integration of MPS and the mobilisation of the asylum housing contract,' chief executive David Miles said.

'I am confident that we are well placed to benefit from this upfront investment in our core business.'

'Our exit from standalone domiciliary care will enable us to focus our efforts where we can deliver superior returns for shareholders.'

'In line with this, we also continue to make progress unwinding our exposure to development activities.'




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