Sureserve, the asset and energy support services group, is pleased to announce its preliminary results for the year ended 30 September 2018.
Bob Holt, Chairman of Sureserve, commented:
"I am pleased to report a strong set of results for Sureserve following a transformational year for the Group. We have streamlined our operations, focusing on our industry-leading Compliance and Energy Services businesses which are profitable and deliver significant cash generation.
"We are confident in the Group's prospects and look forward to leveraging the strong platform we have built at Sureserve.
"I am pleased to announce that the Group has started the year positively and ahead of management expectations."
- 5.1% increase in revenue from continuing operations to £190.8m (2017: £181.5m)
- Increase in operating profit before exceptional items and amortisation of acquisition intangibles margin to 4.2% (2017: 4.1%)
- Profit before tax from continuing operations before exceptional items and amortisation of acquisition intangibles of £6.6m (2017: £5.4m)
- EPS from adjusted continuing operations (defined as the £6.6m as noted above, adjusted for tax at a nominal rate of 19%, divided by the basic weighted average number of shares in issue) of 3.4p (2017: 2.8p)
- Basic loss per share of 6.6p (2017: 0.0p)
- Operating cash conversion from continuing operations of 60% (2017: 177%)
Operational highlights - steady progress and strong platform for future growth
- Sale of our Lakehouse Contracts and Foster Property Maintenance businesses enables us to focus on highly cash-generative growth markets
- Acquisition and integration of Just Energy Solutions to complement the current gas compliance activities
- Increased the number of long-term contracts we service by 11, representing an overall increase in pipeline value of £108m
- Outstanding record of contract wins:
- £55m Arbed 3 programme in a 50/50 joint venture that extends Everwarm's reach into Wales
- £44m framework with Aberdeenshire Council providing every facet of housing improvement upgrades in Aberdeenshire
- Appointed by Eastern Procurement to the £40m Heating Installations Framework for an initial two-year period
- Ongoing focus on smart metering, ready for SMETS2 roll out
- At year end, we were participating in a total of 108 frameworks worth a total of £633.4m and had in place 157 maintenance contracts worth a total of £399.1m.
- Well-placed to deliver growth in our market-leading gas provision and excellence in Compliance organically and by acquisition.
- Good visibility of non-volatile, essential services income streams from activities across our growing national footprint, with an order book of £385m in a fragmented and regional market