Mears Group today predicted a major Olympics boost as it won its first work for the 2012 Games. - Business - Evening Standard
       

Mears Group today predicted a major Olympics boost as it won its first work for the 2012 Games.

Mears Group today predicted a major Olympics boost as it won its first work for the 2012 Games.

Under the £9 million contract, the council housing repairs and maintenance provider will kit out the first 300 flats in the athletes village with plumbing and electricals.

Chief executive Bob Holt said he was confident the company would win further work on the other 2500 flats.

Meanwhile, Mears, which has contracts with Hackney and Richmond boroughs to provide social housing services, said it is chasing another four contracts worth over £100 million each. In total, it is pursuing contracts worth £2.9 billion. "We are benefiting from local authorities looking to lock companies into long-term deals," Holt explained.

Mears posted an 18% jump in operating profits to £10.8 million for the first six months of the year, and hiked its interim dividend payout to 1.6p from 1.35p last time.

"We have never missed City forecasts, which tells you about the resilience of the business. We are expecting another record year for orders," Holt said. Mears' order book stands at £1.8 billion.

Comments

Don't Miss
Rock star: Erin Wasson

Rock star

Erin Wasson is the ultimate anti-supermodel
Maybe it’s because she’s a Londoner … Happy anniversary, Ma’am

Happy anniversary

The monarchy has become stronger and more respected in the past 60 years
Victoria Coren: My obsession with children, five proposals a week and why David and I are no power couple

Victoria Coren

David Mitchell and I are no power couple
The Royal Academy of Arts Summer Exhibition preview party

Summer party

Stars at the The Royal Academy of Arts
London gets ready for the Diamond Jubilee - in pictures

Diamond Jubilee

London gets ready - in pictures
The Glamour Awards - stars turn on the style

Glamour Awards

Stars turn on the style
Duchess of Cambridge is pretty in pink at her first Buckingham Palace garden party

Garden party

Duchess of Cambridge is pretty in pink
FIRST review of Ridley Scott's latest sci-fi blockbuster Prometheus

First review

Is Ridley Scott's Prometheus any good?
Fair-weather goths

Fair-weather goths

The sultry shades of summer darks are coming out of the shadows
Dog save the Queen: Corgis surge in popularity

Dog save the Queen

Corgis surge in popularity