However, the quality of our relationships with our clients has ensured that almost all of them have continued to support the company financially through the pandemic,ensuring that our infrastructure has remained intact and our financial future has not at any time been in question.
The focus which we placed on employee welfare, safety and training has been repaid by immense hard work from our colleagues and we are proud of the resilience shown by the Group during a year that has seen unprecedented challenges.
With this in mind, today we launch our latest Annual Report and Accounts for 2020.
Despite the difficulties and challenges of 2020, Mears has made very significant strategic progress this year. We have completed our transition to a low capital-intensity housing specialist and have significantly strengthened the balance sheet.
The order book remains robust and high quality and we are in the process of identifying new areas for future growth.
During a year that has seen unprecedented challenges Mears has made strong progress against all its key strategic objectives as detailed below:
- Completed the exit from standalone Domiciliary Care
- Completed the disposal of its planning solutions business (‘Terraquest’), generating an upfront cash inflow of ￡56.9m
- Continued to make progress in managing the controlled closure of the Development activities, to unlock working capital absorbed in that area
- Significant reduction in its indebtedness, reporting net cash at the year together with a reduction in the daily net debt
David Miles, Chief Executive Officer of Mears Group, said:
“I am extremely proud of the resilience shown by the Group during a year which has seen unprecedented challenges.
Mears has undertaken a strategic review looking at our markets and possible returns in the next 5 years. We remain the dominant force in repairs and maintenance– and the national leader in reactive works.
“There is a huge opportunity to help to fulfil the UK’s carbon targets and we have ensured that we have the right expertise in place. We are a large private provider of temporary accommodation in the UK and there is a massive market where we have the opportunity to grow.
“Mears has continued to retain and win contracts throughout the pandemic and we have a lot to look forward to in 2021.”
Kieran Murphy, Mears Group Chairman, said:
“2020 was a challenging year, and for many of our people a difficult one. The success of the vaccination programme is opening up hope that the economy, Mears’ position within it and our lives generally, can progressively move back towards normality.
The actions which the Mears has taken during the pandemic will stand it in very good stead for the recovery.
"I would like to give my thanks to the senior management team for the unstinting efforts which they have made during 2020 and subsequently which have left the company in a much better condition than it was at the start of last year.
“Finally, I would like to thank again the Mears workforce whose commitment to the company and the people who we serve is such an important reason why the Group will continue to prosper into 2021 and beyond.”
This article has been featured in Facilitate Magazine