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