Mears Regulatory News (MER)

1 Jun 2005 07:00

Mears Group PLC01 June 2005 MEARS GROUP PLC 1 June 2005 AGM STATEMENT At the company's Annual General Meeting to be held at 12.30 p.m. today, BobHolt, Chairman, will issue the following statement: "I am pleased to report a strong 4 months performance and continuing buoyanttrading conditions. Present indications are that we are at the top end ofcurrent market expectations. Recent tender successes include Nottingham City Council where we have securedpreferred partner status on £50 million of work to deliver part of their DecentHomes Standard programme over a 5 year period. We have also been selected byWakefield and District Housing as one of 3 partners who will undertake £420million of work over 5 years. The size of the bid pipeline for contract tendersremains extremely healthy. We are currently working on bids worth £700 million.Our current order book stands at in excess of £900 million. We continue to generate cash from our operations and whilst the sector reportsmargin pressure, we are experiencing improved margins from operatingefficiencies. We have maintained our commitment to strengthening the management of Mears withsenior appointments in business development, marketing, HR and IT. Thisinvestment will underpin the continued growth we foresee in our sector. I am also delighted to announce that Stuart Black, who joined the Board lastNovember as Chief Operating Officer, has agreed to take on the role of ChiefExecutive. During the last six months Stuart has made a significant contributionto the Group and I feel very comfortable in handing over this office to him. Iam remaining as Executive Chairman and will be devoting more time to strategyand forward planning to position the Group for continuing successfuldevelopment." Bob HoltChairman Press Contacts: Bob Holt (Chairman) Tel: 07778 798816Stuart J Black (CEO) Tel: 07971 151320David J Robertson (FD) Tel: 07887 705357Trevor Bass/Alex White (WSSM) Tel: 020 7067 0743 NOTES TO EDITOR: • Mears Group PLC is the leading provider of a range of services to social landlords.• The services provided include response maintenance, void refurbishment, planned preventative maintenance, improvements to meet the "Decent Homes Standard" and estate management.• Profits have shown an annual compound growth rate of 43% since Mears was listed on the Alternative Investment Market (AIM) in October 1996. The Group was awarded the AIM Company of the year award in 2003.• The Mears mission is to be the market leader in transforming the social housing environment, improving homes, improving neighbourhoods and improving lives. Further information is available on our website www.mearsgroup.co.uk This information is provided by RNS The company news service from the London Stock Exchange