Mears Group PLC on Thursday reported improved revenue and a sharp rise in profit in the first half of 2022, leading the firm to up its full-year guidance.

The housing and social care provider posted a pretax profit of £17.9 million in the six months ended June 30, more than triple the £5.6 million achieved the previous year.

Revenue jumped 9.3% to £485 million from £443.7 million, with the company noting good progress from its maintenance-led contracts in the half.

Looking forward, the company said it was mindful of macroeonomic headwinds, but nonetheless remained confident in its outlook for the second half of the year.

Revenue for the full-year is now expected to be ahead of current market consensus at £910 million, with adjusted pretax profit anticipated at £32 million. If achieved, this would represent 25% profit growth year-on-year.

Mears declared an interim dividend of 3.25 pence per share, up 30% from 2.50p the previous year. The firm said this increase was in line with its progressive dividend policy.

Shares in Mears were up 1.3% at 201.60 pence on Thursday afternoon in London.

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