Secure.
Responsible.
Innovative.

Annual Results 2020

During a year which has seen unprecedented challenges, the Group made strong progress against all of its key strategic objectives.
£805.8m
Group revenue (continuing)
£2.6bn
Order book
£56.9m
Net cash at 31 December
53%
New bid conversion rate
The scale of disruption from Covid-19 to our normal ways of working has been immense but I can report that the Group, particularly its people, have risen magnificently to the challenges and continue to do so."

Kieran Murphy
Chairman
Chairman's Letter
Kieran Murphy, Chairman of Mears Group PLC.
David Miles, CEO Mears Group PLC
"Notwithstanding the operational challenges brought by Covid-19, it is pleasing that the Group made such strong progress against all of its key strategic objectives.

David Miles
Chief Executive Officer
Chief Executive Officers Review

Revenue

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).

Financial Review

Order book

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%.

Table depicting some key orders from 2020/2021

The key orders secured are detailed in the table above.

Net cash

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.

Adjusted net cash (exclusive of lease obligations): £56.9m (2019: net debt £51.0m)

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