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Mears Group PLC - housing and social care provider - Buys IRT Surveys Ltd for up to £4.1 million. Says IRT offers data-led services focussed on addressing fuel poverty, decarbonisation and energy efficiency, and has developed proprietary technology platform DREam. ‘DREam has been engineered to simplify and accelerate the domestic property retrofit journey, by assessing the energy performance of housing portfolios, optimising budgets and providing solutions on the most efficient way to complete retrofits, within the affordable housing sector,’ Mears notes.
Mears believes the acquisition enables it to conduct stock analysis modelling for ‘carbon reduction work, enabling opportunities to be progressed quickly, and to help identify and access grant funding support available.’ For 2021, IRT reported revenue of £400,000 and an operating loss of £100,000. Says IRT is on track to deliver revenue of £800,000 in 2022.
Chief Executive Officer David Miles says: ‘I am delighted to have completed the acquisition of IRT, as we look at ways of providing greater scale to Mears, drive our ESG agenda, and provide a broader range of services to new and existing clients. This deal is completely aligned with our strategy, utilising innovation and technology to drive positive change in the sphere of carbon reduction.’
Current stock price: 213.11 pence
12-month change: up 3.5%
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