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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Mears Group plc    MER   GB0005630420

MEARS GROUP PLC

(MER)
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Mears unit sale plan to hit 1,500 jobs; order book falls

01/21/2020 | 03:41am EST

Mears Group Plc reported a lower order book at the end of 2019 and said it was in advanced talks to sell its unit that provides homecare services in England and Wales, impacting about 1,500 jobs.

The company, which has been grappling with higher debt levels, is looking to slim down its operations and focus more on housing and social care services.

"Our exit from standalone Domiciliary Care will enable us to focus our efforts where we can deliver superior returns for shareholders," Chief Executive Officer David Miles said.

Mears, which bought the England and Wales domiciliary care unit in 2015, plans to complete the sale of its Scottish Domiciliary Care business this year. It employs about 1,000 people in the Scottish unit.

The company and its peer Serco won contracts worth 2.9 billion pounds last year from the British government to provide accommodation and support for asylum seekers.

Mears said the contract is now fully operational, generating revenue of about 45 million pounds in 2019, with full-year revenue expected to be more than 100 million pounds.

The company said it expects to report an annual underlying profit before tax on continuing activities in line with expectations.

Mears, which employs over 12,000 employees, said its order book stood at 2.5 billion pounds for the year ended Dec. 31, down from 3 billion pounds a year ago.

The company is expected to report closing net debt of about 52 million pounds, lower than 65.9 million pounds a year earlier.

(Reporting by Indranil Sarkar and Yadarisa Shabong in Bengaluru; Editing by Anil D'Silva)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. -2.95% 22.73 Delayed Quote.47.02%
MEARS GROUP PLC 0.00% 158 Delayed Quote.2.60%
NEXT PLC 0.73% 8018 Delayed Quote.13.15%
SERCO GROUP PLC -1.92% 122.7 Delayed Quote.2.68%
WINNEBAGO INDUSTRIES, INC. -0.91% 65.61 Delayed Quote.9.46%
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Financials
Sales 2020 794 M 1 079 M 1 079 M
Net income 2020 -10,1 M -13,7 M -13,7 M
Net Debt 2020 291 M 396 M 396 M
P/E ratio 2020 -13,6x
Yield 2020 -
Capitalization 175 M 238 M 238 M
EV / Sales 2020 0,59x
EV / Sales 2021 0,62x
Nbr of Employees 7 500
Free-Float 98,6%
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Technical analysis trends MEARS GROUP PLC
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TrendsBullishBullishBearish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 198,75 GBX
Last Close Price 158,00 GBX
Spread / Highest target 74,1%
Spread / Average Target 25,8%
Spread / Lowest Target -5,06%
EPS Revisions
Managers and Directors
NameTitle
David John Miles Chief Executive Officer & Executive Director
Kieran Murphy Non-Executive Chairman
Andrew Christopher Melville Smith Finance Director & Executive Director
Alan Long Executive Director
Geraint Davies Independent Non-Executive Director
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