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Edge14 Aug 2026
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Mears Group
Mears Group (MER) investor relations material
Mears Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary6 Aug, 2026
Executive summary
Achieved strong progress against financial and strategic objectives for H1 2026, with full-year guidance confirmed.
Maintained high contract retention and secured significant new contracts, driving order book to a record £4.2bn.
Completed integration of Pennington Choices, enhancing compliance capabilities.
Divested non-core Facilities Management business for £18m, simplifying operations.
Financial highlights
Group revenue (excluding divested FM) rose 2% to £555.6m year-over-year; Maintenance-led revenue up 7%, Management-led down 3%.
Adjusted profit before tax down 10% to £28.9m; statutory profit before tax up 18% to £38.0m due to profit on disposal.
Adjusted diluted EPS fell 9% to 25.26p; statutory diluted EPS up 30% to 36.01p.
Interim dividend increased 11% to 6.20p per share.
EBITDA to operating cash conversion at 92%; average daily net cash £29.7m, down from £67.7m.
Outlook and guidance
Full-year FY26 guidance maintained: revenue ~£1,038m, adjusted PBT ~£50.7m.
Maintenance-led revenue growth expected at 8-9% for FY26; Management-led revenues to decline as AASC normalises.
Adjusted operating margin guided at 5.0-5.2% (pre-IFRS 16) for FY26, with medium-term target of 5-6%.
Strong pipeline and low contract renewal risk support medium-term growth.
Explain the H1 2026 operating margin reduction
Discuss AASC revenue normalization and hotel exit
Explain the Orbit contract working capital impact
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Latest events from Mears Group
- Secured £1.5bn in new orders and a £150m contract, with results on track to meet expectations.MER
Trading update - 12% maintenance-led revenue growth and record order book drive robust outlook.MERH2 2025
- Maintenance-led revenues up 10%, profit at top end of guidance, and strong contract retention.MERTrading update
- Profit and margins rose, driven by Maintenance growth and strong contract retention.MERH1 2025
- Upgraded full-year outlook driven by strong H1 trading and growth in maintenance services.MERTrading Update
- FY24 profit and revenue forecasts upgraded on strong trading and margin improvements.MERTrading Update
- Double-digit revenue and profit growth in H1 2024, with robust outlook and major contract wins.MERH1 2024
- Mears expects FY24 profit and revenue to surpass market forecasts, driven by strong H1 trading.MERTrading Update
- Profit and margins surged on organic growth and new contracts, with 2025 guidance raised.MERH2 2024
Mears Group
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