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The contractor has launched a new five-year strategy aimed at ramping up housing maintenance work after admitting it had previously been \u201ctoo risk averse\u201d in tendering.<\/p>\n
Plans also include expanding specialist expertise in compliance, building safety and asset quality to meet rising regulatory demands in the social housing sector.<\/p>\n
The business will also step up activity in the decarbonisation and retrofit space, supported by growing in-house capability.<\/p>\n
CEO Lucas Critchley said: \u201cDuring the year, the business carried out a full strategic update. We continue to see significant opportunities within the affordable housing sector.<\/p>\n
\u201cWhile the senior executive team, supported by external industry expertise, considered a number of adjacencies and new markets, it is really pleasing to identify significant untapped opportunities in our existing sector, with some expansion of capability to reflect current and emerging opportunities.\u201d<\/p>\n
The Group has been steadily building an internal compliance arm, covering gas servicing, electrical testing, fire safety, damp and mould, and full asset condition surveys.<\/p>\n
Despite evolving its offer, Critchley said the business remained firmly rooted in local government housing maintenance following a standout year for contract retention.<\/p>\n
Mears achieved a 100% rebid success rate in 2024 across a swathe of major long-term contracts\u2014representing around one-third of its maintenance-led portfolio.<\/p>\n
The wins spanned a wide range of clients and contract sizes, including flagship deals with North Lanarkshire, Medway, Thanet, Folkestone and Dover. The business also secured key extensions in Rotherham, Islington and Thurrock.<\/p>\n
The standout North Lanarkshire contract, worth over \u00a3125m annually and covering 37,000 homes and 1,200 buildings, has now been successfully mobilised.<\/p>\n
Mears also returned to Moat Housing with an 18-month, \u00a312m emergency maintenance deal covering 22,000 homes\u2014two years after losing the contract in a previous procurement round.<\/p>\n
Group revenue rose 4% to \u00a31.13bn last year, with profit before tax up 37% to \u00a364m. Adjusted operating margin climbed to 5.6%\u2014surpassing the Group\u2019s 5% long-term benchmark and up from 4.7% the previous year.<\/p>\n
Critchley added: \u201cThe group has made a strong start to FY25. We anticipate delivering solid growth in our local government maintenance work, following a strong period of contract retention and further augmented by additional Compliance services and through extending our focus to planned and retrofit activities.<\/p>\n
\u201cWe remain well-positioned to deliver additional services to our Central Government clients.\u201d<\/p>\n<\/p><\/div>\n