Marlowe PLC – Final Results

Marlowe PLC – Final Results

Marlowe plc, the specialist services group focused on developing companies which assure safety and regulatory compliance, announces its audited results for the year ended 31 March 2019. 

Financial performance 

ADJUSTED RESULTS – Continuing operations












Operating profit1




Profit before tax1




Earnings per share – basic1




Net debt



 STATUTORY RESULTS – Continuing operations






Operating profit



Profit/(loss) before tax



Earnings per share – basic



Financial highlights

  • Group revenue up 59% to £128.5m. Current 12 month run-rate revenues of approximately £175m
  • Adjusted EBITDA1 up 53% to £11.0m
  • Adjusted profit before tax1 up 53% to £8.9m
  • Adjusted EPS1 up 34% to 18.8p
  • Adjusted EBITDA1 for Risk Management & Compliance and Water Treatment & Air Quality up 37% and 75% respectively
  • Underlying cash conversion 83%
  • Pro forma net debt now <1x EBITDA following oversubscribed placing to raise £20m as announced on 22 May 2019

Operational highlights

  • Acquisition of William Martin Compliance, extending the scope and capabilities of the Group’s activities in Health, Safety & Compliance markets
  • Acquisitions of Suez WCS and, since the year-end, Clearwater, transforming the scale and scope of the Group’s Water Treatment & Hygiene operations
  • Good underlying organic growth continues, driven by increasing recognition of the scope and quality of our services, improved customer retention and market growth
  • Approximately 20% of Marlowe revenue now comes from customers taking more than one service from across the Group as a result of our broader capabilities and initiatives focused on cross-selling services
  • All integration programmes on track, with good progress made on operational and technological improvements across the Group
  • Well-developed pipeline of acquisition opportunities to continue to add further scale and expertise to the Group

1Expanation of non-IFRS measures are contained within the Finance Director’s review below. 

Commenting on the results, Alex Dacre, Chief Executive, said:

“We are pleased to report another strong financial performance and a year of substantial progress in developing the scale and breadth of our Group.

Marlowe is now a UK leader in specialist services which assure safety and regulatory compliance. Our Group is uniquely positioned in the UK to provide our customers with a comprehensive one-stop approach to their health, safety and regulatory compliance needs; from audit, consultancy, and software, through to the full implementation of their recurring testing, inspection and compliance requirements. 

Marlowe’s defensive qualities, strong channel to market, organic growth momentum and potential to accelerate growth through targeted M&A strongly position us to continue to gain further market share across all our business streams and to create sustainable shareholder value.  

The current year’s trading has started in line with our expectations and we look forward to making further progress during the year.”

The Annual Report & Financial Statements 2019 and the Notice of AGM 2019 can be viewed at or downloaded from the Company’s corporate website at

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