Mears moves for full listing on Stock Exchange

Mears is on the move - it has applied for a full listing on the London Stock Exchange.

The group says that the driver behind the decision to move into the world of the ‘big guns’ is that this will increase Mears’ access to capital.

Mears is currently listed on the Alternative Investment Market (AIM) which is the junior section of the Stock Exchange.

Last year Mears pushed its turnover 26% higher to £300m and pre-tax profit ran to £15m.

Bob Holt, chairman, said at that time that there are excellent future prospects in the social housing sector.

Mears made 10 acquisitions during 2007 and as a result Mears’ balance sheet now carries £33m of goodwill and a further £13m of intangible assets, mostly relating to the acquisition of Careforce Group.

In today’s statement, Mears said: “The listing on AIM has provided a means of access to the equity required to achieve strong, consistent growth in turnover and profit.

“However, the directors now believe the company has reached a size where admission of its shares to listing on the Official List, and to trading on the London Stock Exchange, will benefit the company by providing greater liquidity in its shares, a higher profile with investors and increased access to capital.”

The switch across is scheduled for Monday 23 June.