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Services provider to the housing sector Mears swung to a full-year loss after it wrote down the value of discontinued domiciliary care operations and its margins shrunk.
Net losses for the year through December amounted to £66.0m, compared to a profit of £24.8m on-year.
Pre-tax profit for the year through December from continuing operations declined 8% to £25.2m, even as revenue rose 13% to £982.6m. 'Normalised' profit edged up 1% to £37.3m.
'We have achieved a solid set of results in a year of political and economic uncertainty, along with delivering a significant repositioning of the business into a more simplified structure as the UK's leading provider of housing solutions,' chief executive David Miles said.
'2020 has brought challenges that were unforeseeable only a few weeks ago.'
'Mears is committed to maintaining services to its clients and customers, sustaining its high level of employee skills, motivation and experience and being prudent in respect of cash management.'
Mears did not declare a final dividend.