March 21 British housing and social care
provider, Mears Group, reported a 13 percent increase
in full-year profit and said it saw no significant impact from
Britain's vote to leave the European Union.
The company, which scaled back some "unsustainable" care
contracts last year, said on Tuesday there was significant
momentum building for both housing and care policy in the UK
this year, after the issues took a backseat following the
It said its order book stood at 3.1 billion pounds at the
end of 2016, down from a record 3.5 billion reported at the end
Pretax profit from continuing activities grew to 29.4
million pounds ($36.3 million) in the year ended Dec. 31, from
25.9 million pounds a year earlier, it added.
"We have positioned ourselves to provide a broader service
offering in housing to a market where we are seeing an
increasing blurring of the boundaries between social, affordable
and private rented housing," Chief Executive David Miles said.
Although support services have weathered the initial impact
of the Brexit vote better than feared, uncertainty is causing
public and private clients to delay awarding new contracts,
depressing the outlook for some types of oursourcing services.
Earlier this year, peer Mitie struck a deal to sell
its home healthcare unit, exiting a sector where the UK
government has cut spending over the past four years, causing
firms to struggle with low-margin contracts.
($1 = 0.8090 pounds)
(Reporting by Esha Vaish in Bengaluru, editing by Louise