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Mears Group PLC shares rose on Friday, after its reported a strong financial performance in 2022 and announced a £20 million share buyback. Shares in the housing and social care provider were up 7.9% to 225.00 pence each in London on Friday around midday. Mears reported that revenue jumped to £959.6 million from £878.4 million. Pretax profit more than doubled to £34.9 million from £16.3 million. The company said it successfully mitigated most of the problems caused by cost inflation, skill shortages and supply chain issues that affected the wider industry in 2022. Mears declared a final dividend of 7.25p per share, bringing the full-year payout to 10.50p, up from 8.0p a year prior. The company added that its board has approved a £20 million share buyback to return capital to shareholders. Mears said that it has made a positive start to 2023 with current trading in line with its expectations. Its order book at year-end stood at £2.9 billion, up from £2.4 billion a year prior. Chief Executive Officer David Miles said: ‘I am delighted with the strong performance of the group, and these are a terrific set of financial results. Our market leading position, based on a clear strategy and resilient operating platform, has underpinned this performance, and positions the group for further sustainable growth in the medium-term.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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