Mears Group cut its full-year revenue forecast from Housing as a result of the Grenfell Tower Fire in June, saying that clients would delay planned work orders as they went about "ensuring their housing portfolios are safe."
Mears has won one of its largest repairs and maintenance contracts from Manchester City Council outright, which was said to be worth £86m over a potential 10-year period.
Social housing and care support services provider Mears issued a pre-close trading update on Tuesday, ahead of its preliminary results for the year to 31 December, which will be released on 21 March.
Polypipe: Berenberg maintains buy with a 360p target.
Provider of support services to the social housing and care sectors Mears Group announced its interim results for the six months to 30 June on Tuesday,with revenue of £466.2m up 8% from the same time last year.
Mears Group's shares rose slightly as Investec said the company's full year results were "solid enough" and in line with expectations.
Shares in Mears Group were up after the housing repairs company posted a 3% lift in first half pre-tax profits.
Social housing and care services provider Mears Group said it performed well across its core divisions during the first quarter of the year, in-line with management expectations.
Social housing and care sector services provider Mears Group said on Monday that it has agreed to buy the Care at Home (CAH) division of Care UK Ltd for a £11.3m in cash.
Mears shares dropped on Wednesday after the social housing support services provider revealed that it had continued to experience a lower level of new Social Housing bidding opportunities.
Aberdeen: UBS lowers target price from 465p to 450p and downgrades from buy to neutral.
ASOS: Societe Generale reduces target price from 5000p to 4450p, while leaving its buy recommendation unchanged.
Afren: Investec cuts target price from 195p to 120p and reiterates its hold recommendation.
Mears Group saw an improvement in most of its financial metrics in the six months to June, although some analysts did note the "quieter" order intake.
Support services group Mears reported strong trading and said it had a good view of business over the next couple of years.
A disappointing result from Tesco, the Queen's speech at the opening of Parliament and expectations of services data are all set to push blue chips into the red at this morning's opening bell.
Support services company Mears Group said the flow of potential new business had slowed down, but trading early in the year had matched expectations.
Following yesterday's dip in shares of Smiths Group, after the release of its latest set of halfway figures, the stock is back at where it was when talk surfaced last summer of an approach for its medical division. Ironically, it was precisely that division's performance which was one of the weakest in the latest reporting period, due to the hit from taxes in the US on sales of medical devices, while Obamacare has done little to help matters either.
A round-up of the biggest director deals today so far.
Antofagasta: Investec places its target price (prev.: 753p) under review, while leaving its sell recommendation unchanged.
Mears Group achieved record annual revenue as the provider of services to UK social housing and care sectors secured new contract wins.