Mears Group has announced that it has completed its latest share buyback programme, valued at £20m.

The housing firm launched the scheme on 20 February 2024, and has purchased and cancelled 5,575,561 ordinary shares of one pence each at an average price of 358.7 pence, representing approximately 5.5% of the group’s issued share capital at the start of the buyback.

Mears provides a range of services to the housing sector, managing and maintaining around 450,000 homes across the UK.

It predominately works with central and local government, and employs over 5,000 people.

Last week, the firm announced that its profit before tax has increased by 34% year-on-year in 2023.

It also saw its revenue increase to £1.1bn in the same period, which is an increase of 14%.

Commenting on these results last week, chief executive officer at Mear Group, Lucas Critchley said: "We are delighted to have delivered strong growth in revenues, profits and cash generation in 2023. The group is recognised as a leading housing specialist, and we continually look to evolve our capabilities to further strengthen our market position. The board believe that the group is well-positioned for the future and is pleased that the strong trading momentum built in 2023 has continued into 2024."

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