Mears £700m housing wins lift order book to record £4bn | Construction Enquirer News

The social housing services contractor this morning revealed it had secured a £450m, 10-year contract with Birmingham City Council and a £250m, 10-year deal with Cross Keys Homes in Peterborough, cementing its push into core maintenance work. The wins cap a strong year of contract retention and new business, with Mears now sitting on its highest ever forward workload, up from £2.9bn a year ago. Group revenue edged up to £1.14bn in the year to December 2025, with a sharp shift in mix as maintenance-led work climbed 12% to £620m and now accounts for 55% of turnover. Management-led activity fell 11% to £515m as asylum housing volumes normalised from previous highs. Pre-tax profit slipped slightly to £63.5m from £64.1m, but margins improved, with adjusted operating margin up to 5.7%. Mears said tight operational control and disciplined bidding helped lift profitability despite rising labour costs and a £5m hit from higher employers’ National Insurance. The business also strengthened its compliance offer through the acquisition of Pennington Choices, targeting growth driven by tougher building safety and housing standards. Chief executive Lucas Critchley said: “Delivering strong growth in our traditional maintenance-led activities is a key achievement which continues to be underpinned by excellent contract retention.” Cash generation remained solid, although average net cash dipped to £53m following share buybacks, acquisitions and property investment. Looking ahead, the firm e...