Rise in revenues but profit drop for Mears

Mears Group reported a 5% rise in revenues but pre-tax profits dropped by 12.5% in the year ended 31 December 2015. Turnover stood at £881.1m, compared to £838.7m, reflecting the full year impact of its acquisitions of Omega in October 2014 and Care UK’s Care at Home (CAH) business in May 2015. Taking into account cost of sales of £649m (2014: £613.7m), administrative expenses of £193.5m (2014: £182m) and amortisation of acquisition intangibles of £10.8m (2014: £12.3m), Mears made an operating profit of £27.8m, down from £30.7m the previous year.