The firm, which now maintains more than 10% of the UK social housing stock, bagged nearly half the jobs it bid, pulling in a £700m haul of new work last year.
Tight financial controls on contracts helped convert rising workloads into a a 9% uplift in profits to £31.5m for the year.
David Miles, Chief Executive of Mears Group said: “I am confident that we will remain significantly differentiated from our remaining competitors. We continue to seek appropriate bolt-on acquisitions.
“I am particularly pleased by the positive impact we achieved turning-around the contracts we inherited over recent years from failed businesses.”
The firm said demand for its services continued to be very strong with a bid pipeline in excess of £3bn with immediate bidding opportunities for contracts due to start in the course of the next twelve months in excess of £2bn.
Miles said the social housing business would grow with further contract wins, while its expanding care business would seek acquisitions.
Social Housing Division:
· Record revenue of £415m (2010: £379m), up 9%.
· Growth in core maintenance revenue, up 21%
· Operating margin at 5.8% (2010: 6.0%)
· Revenue increased by 8% to £108m (2010: £100m)
· Operating margin increased to 8.0% (2010: 7.5%).
2011 contract awards
|Barnet Homes||Ten-year contract with Barnet Homes worth £69m|
|Waverley Borough Council||Seven-year contract worth £52m|
|Home Group||Seven-year contract with Home Group to cover properties in their South West region worth £35m|
|Tamworth Borough Council||A five-year repair and maintenance contract worth £40m.|
|Gateshead Council||A three-year partnership contract to provide responsive repairs, void services, gas servicing, worth £60m|