Mears Group PLC have announced an interim dividend of 2.50p per share

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Mears Group PLC have announced an interim dividend of 2.50p per share

The Mears Group PLC Board are recommending an interim dividend of 2.50p (2020: nil) per share. This is not recognised as a liability at 30 June 2021 and will be payable on 28 October 2021 to shareholders on the register of members at the close of business on 8 October 2021.

Other financial. highlights include:

Strong revenue recovery as Covid-19 restrictions eased with Group revenues up 11.8% year-on-year to £443.7m (H1 2020: £396.7m) 

o Maintenance-led revenues of £286.5m (H1 2020: £266.9m) up 7.3% 

o Management-led revenues of £139.5m (H1 2020: £121.2m) up 15.1%

Resilient trading performance and successful transition back to normal commercial mechanisms 

Profitability strengthened towards normal levels in the first half, delivering £11.1m adjusted profit before tax (H1 2020: £8.1m loss). 

Excellent cash performance continued with net cash at 30 June 2021 of £47.6m (31 December 2020: £56.9m net cash) and average daily net debt of £8.2m (FY 2020: £97.3m net debt)

Good sell-through in Development portfolio with 41unit sales and working capital utilisation down by £10.4m to £15.9m as at 30 June 2021

Solid pipeline conversion with over £150m of contract wins year-to date 

o 60% success rate (by value) in Maintenance-led contract bidding

o Ministry of Justice transitional housing contract award providing further evidence that central Government view housing as a specialist service

Group order book stands at £2.5bn (2020: £2.6bn), reflecting the timing of contract renewals

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