This morning Mears said housing maintenance work was set to return to more normal levels at the end of the year after being placed on an emergency-only footing during the peak of the coronavirus crisis.
Announcing a £9.7m pre-tax loss for the first six months of the year, David Miles, Chief Executive Officer, said: “Activity levels are returning to normal, and I am very confident as to the financial stability and the long-term wellbeing of the group.
“The group has taken positive and considered actions during the Covid-19 period to ensure that it is stronger than ever and well-positioned once the UK sees a return towards normality.”
Most of the reported group loss was down to finance costs and development business losses during the crisis, with the operating loss at housing maintenance kept to just £0.9m from revenue down 19% to £262m.
Maintenance work volumes at the end of July had returned to 42% of normal levels
Miles said he expected to see a recovery in activity levels during the second half of the year, assuming that infection levels remain relatively low, as working arrangements in the core maintenance business progressively returned towards more normal levels at the end of the year.
While the Covid-19 crisis delayed the tendering process in maintenance activities, £120m of new contracts were secured in the first six months of 2020 – a win rate of over 80%.