UK's Mears Group jumps on upbeat full-year results, Peel Hunt raises to 'buy'

Shares of Mears Group MERG.L rise 12.62% to 401.50p

Co, which provides housing services, including maintenance and management, reports FY24 revenue of 1,133 million pounds ($1.46 billion) vs analysts expectation of 1,126 million pounds, according to data compiled by LSEG
Co projects 2025 revenue of no less than 1,050 million pounds and adjusted profit before tax of no less than 50 million pounds

Peel Hunt upgrades MERG to "buy" from "add", raises target price to 405p from 380p

While uncertainties remain regarding the asylum seekers contract volumes, the underlying momentum and strategy refresh leaves Mears in a strong position - Peel Hunt

Three brokerages rate the stock "buy" or higher; their median PT is 489.50p - LSEG data

Up to last close, stock had risen ~10% YTD

($1 = 0.7772 pounds)