Mears Group PLC on Thursday said it expects its 2023 results to beat market expectations.

Shares in Mears rose in response, up 7.7% to 337.12 pence each in London on Thursday morning.

The Gloucester, England-based housing and social care provider forecasts revenue of £1.05 billion, up 7.3% from 2022’s £959.6 million and ahead of the market forecast of £1.03 billion.

Adjusted pretax profit is expected at £43 million, compared to consensus of £40.9 million. This would be a 22% increase from a adjusted pretax profit of £35.2 million in 2022.

Looking ahead, Mears said that the momentum from 2023 will continue, and it expects its 2024 results to beat market forecasts of £888 million in revenue and adjusted pretax profit of £33.9 million.

‘We are delighted to have achieved strong revenues, profits and cash generation in 2023. This strong momentum is expected to continue into 2024 and the group continues to deliver well against its clearly defined strategy, underpinned by our long track-record for operating excellence,’ said Chief Executive Officer Lucas Critchley.

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