The Sunday Telegraph finance editor doesnt like the idea of Mears anymore and, several weeks ago, suggested selling them -@128. Since then, they have been up to 138 and are now around the 130 mark. Since the Telegraph suggestion Fidelity Investment have stached away a 3.31% stake - as have others.All this for a share that was languishing, with others, at 58p just a wee while ago. NOW. How much are they worth? REALLY WORTH. To assess their ability to stay in business one only has to look at the average Council Executive. Reared on HIGH SALARIES and SMALL WORKLOADS their main aim is off load as much responsibilty as possible commensurate with spending extended time on the golf course and at sensible restaurants. Remember High Executives of Councils are not there with the intention of actually working themselves. Mears, therefore, is a ready made OUT for this idle,lazy band of brothers.A responsible, trustworthy, diligent and patently HONEST outfit who will assume the responsibility and afford our overloaded executive the ability to goof off for another lunch/game.YOU KNOW IT MAKES SENSE.Would anyone like to guess if I own a restaurant?

SP continuing to climb...nice!

ive already eaten my hat.
regards
jkd

bought a few more today....it looks as though it's hit the bottom of it's trading range so it's onwards and upwards! (imho

Just had a small punt here - IMS next Monday (I believe) and a recent upgrade by Peel Hunt - Tp 3.

Interim Management Statement.

Trading update

-- Mears continues to deliver solid trading across all divisions in line with management expectations.

-- GBP120 million of new contract awards since publication in March of the final results for the year to 31 December 2010, which include:

o GBP52 million 10 year repair and maintenance contract with Bedfordshire Pilgrims Housing Association

o Additional repair and maintenance contracts totalling GBP30 million over an average of 4 year terms, including Dover District Council and Leeds City Council

o Mears awarded its first in-sourcing solutions contract with Epping Forest District Council to provide support to their Direct Labour Organisation

o Several new Domiciliary Care contracts ranging from two to five years in duration with an estimated aggregate value of GBP37 million over their lifetime

o A GBP4 million, three year contract for the Home Improvement Agency service provided by Gloucestershire County Council.

-- British Gas partnership developing well - environmental works already commenced across two Registered Social customers.

-- Roll-out of the Mears Care IT system commenced in April and remains on track.

-- Mears order book currently stands at GBP2.7 billion with secured revenues in excess of 93% of the GBP620 million consensus revenue forecast for the current year and in excess of 80% of the GBP667 million consensus revenue forecast for 2012.

SP down! but not for long I hope.

AGM Statement.

Half Yearly Report.


Financial Highlights Six months Six months Change
to 30 June to 30 June
2011 2010
Revenue GBP292.6m GBP252.6m up 16%
Adjusted operating profit* GBP15.2m GBP14.6m up 4%
Adjusted profit before tax* GBP14.1m GBP13.2m up 7%
Diluted EPS 8.97p 5.73p up 57%
Normalised diluted EPS** 11.42p 10.80p up 6%
Dividend per share 2.15p 1.90p up 13%

I'm still in with this one....looking for 3.40ish in the next 6months...my guess is that'll start moving up as we get to the next trading update/results early next year (imho)

One of my favourites for about 10 years

Interim Management Statement.

Mears has today brought forward the release of its Interim Management Statement ("IMS") for the period from 1 July 2011 to date.

Key Highlights since 1 July 2011:

The Group is continuing to experience solid trading within the activities of both its core divisions of Social Housing and Care.

Group order book of 2.7 billion with secured revenues of 95% of current consensus forecast revenues for 2011, 85% for 2012 and 70% for 2013.

New contracts awarded and announced today in respect of the Group's Social Housing Division to the value of 109 million (180 million including extensions). This increases the value of social housing new contracts awarded in the last eight months to 350 million (423 million including extensions). The Group continues to achieve high new tender conversion rates of 47% and 62% in Social Housing and Care respectively

Group bid pipeline remains in excess of 3.0 billion, and with an immediate bidding opportunity of 1.6 billion, continues to underpin the Board's confidence in the future.

The Government announced their decision on the 31 October 2011 to halve the solar Photovoltaic (PV) Feed-in Tariff (FIT) subsidy from 12 December 2011, which came as a surprise to many participants in the PV space. Since the decision to substantially reduce the PV FIT, and more importantly to bring forward the effective date, the Board has been evaluating the business case for PV and conclude that the prudent course of action is to cease these activities immediately, as the commercial attractions that led us to explore the PV space, in the short term, no longer exist. As a direct result, Operating Profit is likely to fall short of our previous expectations in the region of 2.8 million for the current year. In addition we believe it appropriate to write-off costs relating to the site set-up, system design and installation amounting to approximately 2.0 million which are now considered irrecoverable. The latter amount will be treated as a non-recurring item and excluded from the Group's normalised earnings calculations in the full year results.

In September the Group completed a refinancing of its banking facilities and signed a new 120 million unsecured facility maturing in July 2016. This new arrangement replaces the previous 85 million secured facility and includes lower debt pricing and higher operational flexibility.

The Group completed the acquisition of the Supported Living division of Choices Care Community Services Limited ('Choices') as the first step in our strategy to develop a broader care offering to our clients. The period since acquisition has proceeded well and the Group anticipates the acquisition being earnings enhancing for the year ending 31 December 2012.

Mears has signed a strategic partnering arrangement with the Tunstall Group. The partnership has already secured a contract with Birmingham Council, which has a large programme to roll out telecare and telehealth systems across the City. The partnership is well placed to benefit further from these opportunities.

very disappointed with this....I've sold out and gone in on CKSN as a recovery play.

Will keep any eye on MER and may come back in in the new year.
I think it's only a temporaryset-back but can onlyt see the sp teading water over the next few months! (imho)
Think in a year or two the sp will be back at 3

INVESCO > 5%

Heronbridge > 4%

Back on the watchlist.

Excellent candle , volume and RSI - mind the gap !

Only me then - just close half @240.

Pre-Close Trading Update.

Mears can confirm that trading and cash for the year ended 31 December 2011 was in line with management expectations.

New contract successes have increased the Group's order book to £2.8 billion providing forward visibility of consensus forecast revenues of 93% for 2012 and 78% for 2013. Our bid pipeline remains robust at in excess of £3.0 billion with the immediate bidding opportunity for further contracts due to start over the course of 2012 at £1.1 billion.

The Group will be announcing its preliminary results for the year ended 31 December 2011 on Tuesday, 20 March 2011.

Gap closed (ish)

Final Results.

Summary of Operations and Outlook

Financial:
· Excellent year of new contract bidding. Awards in excess of £700m with conversion rate of 45%
· Record revenue of £589.0m (2010: £523.9m), growth of 12%
· Profit to cash conversion at 91% (2010: 97%).
· Strong balance sheet with average net debt £58.5m (2010: £48.5m), and net debt at 31 December of £13.4m (2010: £12.2m)
· Bank facility for the Group of £120m committed until July 2016.
· Progressive dividend policy, dividend increasing in line with earnings by 11% to 7.50p per share (2010: 6.75p).

Social Housing Division:
· Record revenue of £415.0m (2010: £379.4m), growth of 9%.
· Growth in core maintenance revenue, up 21% including organic growth of 14%
· Continuing high levels of customer satisfaction
· Operating margin remains at market leading levels of 5.8% (2010: 6.0%)

Care Division:
· Revenue increased by 8% to £108.5m (2010: £100.4m)
· Operating margin increased to 8.0% (2010: 7.5%).
· Successful integration of earnings enhancing Supported Living acquisition
· Care operation maintained very strong regulatory compliance

Outlook:
· Significant pipeline of new bidding opportunities over the next 12 months
· Visibility of 94% of consensus forecast revenue for 2012 and 80% for 2013.
· Ageing demographics and current fiscal challenges provide significant opportunities for Mears
· Targeting acquisitions in both core growth markets
· Continued roll-out of proprietary care IT system.

Investec reiterates it's Buy TP 283p

Collins Stewart reiterates it's Buy TP 325p

Peel Hunt reiterates it's Buy TP 275p

Panmure Gordon reiterates it's Hold TP 250p

Jefferies International reiterates it's Buy TP 310p

N+1 Brewin reiterates it's Add TP 275p

Espirito Santo Execution Noble reiterates Neutral TP 260p