Following the disposal of the Group’s Domiciliary Care and Planning Solution activities, Mears is a smaller and simpler business with a single strategic focus; to be a leading provider of housing solutions.
This single Housing segment reported revenues in the period of £805.8m (2019: £881.5m) and adjusted operating profits (post IFRS-16) of £6.6m (2019: £41.1m).
The order book stands at £2.6bn (2019: £2.5bn), a consistent level over the last twelve months reflecting a number of contract extensions.
The Group secured maintenance contracts in 2020 valued at over £150m with a win rate (by value) of 53%.
The key orders secured are detailed in the table above.
The Group has reported a significant reduction in its indebtedness, reporting an adjusted net cash at 31 December 2020 of £56.9m (2019: net debt: £51.0m).
Whilst the Terraquest disposal is the major single factor behind this improvement, it is noteworthy that the Group would have achieved a net cash balance at the year-end even excluding this.