Top 100: Better than predicted results will take profits to £50 million
A Gloucestershire firm has predicted profits of around £50 million, and that's just for the first half of 2024, after revealing it has enjoyed a strong start to the year.
* The Reports & Deals section of Raikes is also home to its star attraction, the perpetual Top 100-plus Businesses in Gloucestershire list, which tracks the financial fortunes of the county’s biggest firms by turnover. We would like to thank the generous support of our Founding Partners: QuoLux, Willans LLP, Gloucestershire College, Merrell People and Randall & Payne; our sponsors Hartpury University and Hartpury College; our Founding Members and all our wonderful paying subscribers. A massive ‘thank you’ to all our other subscribers too. Your support is invaluable! If you are not already, please consider upgrading to paid (currently just £1.27 a week or £5.50 a month - that’s £66 a year!). You’ll be able to read all of this post - and you’ll be helping to make this community interest company sustainable. Contact andrew.merrell@raikesjournal.co.uk.
Mears Group, which has its headquarters in Brockworth, said it expects profits before tax to be ahead of both the same time last year and its own expectations, after revealing the year was turning out better than predicted.
It said the first six months of the year had seen it benefit from improvements in operating margins, srong cash generation and iproved revenues from management-led activities.
So much so that it was ready to predict the its full-year results to also be ahead of current market expectations, albeit marginally.
Lucas Critchley, chief executive of Mears, said: “Trading in the first half has been excellent across the group and this will be reflected in a strong set of interim numbers in August.
“We have made good progress in the first-half, with a focus on developing and broadening the range of services we offer to clients. In addition, an increased operational focus, making fuller use of the group’s IT system capabilities, is resulting in operational and commercial improvements, and is reflected in the continued progress in operating margins.”
The plc will announce its interim results for the six months to 30 June in August.
* Everything you read on Raikes is made possible by our incredible Founding Partners: QuoLux, Willans LLP, Gloucestershire College, Merrell People and Randall & Payne; our sponsors Hartpury University and Hartpury College; our Founding Members and all our wonderful paying subscribers. A massive ‘thank you’ to you all for making this community interest company possible. Please do spread the word about what we do and encourage others to sign-up!