Mears Group PLC reported a rise in its profit and revenue in its half-year results, driven by the company’s management-led activities.

The housing and social care provider said pretax profit in its six months ended June 30 was up 18% to £21.2 million, up from £17.9 million.

Revenue in its first half was up 8.0% to £525.6 million, from £485.0 million year-on-year. Mears said that this boost was driven by elevated revenue within the group’s management-led activities.

Chief Executive Officer David Miles said: ‘We are delighted to deliver strong results for the first half year, with record levels of revenues, profits, and daily net cash. This strong momentum is expected to continue through the second half, and we have today further increased our financial 2023 guidance.’

Net debt narrowed to £111.9 million, from £122.1 million at the same point the year before. Adjusted net cash was £116.1 million on June 30, compared to £89.9 million in the year prior.

Mears Group declared an interim dividend of 3.70 pence per share, up 14% from 3.25p the prior year.

Mears said it anticipates revenue for its full year of revenue of £1.00 billion, and an adjusted pretax profit of £40.0 million.

This would be up from revenue of £959.6 million and adjusted pretax profit of £35.2 million in 2022.

‘The board is delighted at the positive start to 2023 and this momentum has continued into the second half,’ said Mears.

Shares in Mears were up 2.0% at 275.50 pence in London on Thursday morning.

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