Below is a snapshot of M Group Services financial highlights:
Results for the six months to 30 September 2018
21 December 2018
Continued growth in a competitive market
- Group turnover increased by 13%
- Improvement in operating cash conversion
- FY18 acquisitions (Meter U, Magdalene and PMP Utilities) integrated and trading well
Commenting on the results, Jim Arnold, CEO, commented:
“We continue to pursue our strategy of providing specialist services to owners and users of essential infrastructure in the UK. Our results for the period demonstrate the resilient and reliable nature of our markets and the skill and commitment of our people. We have been particularly pleased that clients, new and old, continue to place their trust in our business to deliver services to them.
During the period I was delighted to announce that, PAI, a major European private equity investor, acquired the business alongside the existing senior management. We look forward to working with PAI to continue to expand our service offering through both organic and acquisitive growth in line with our business strategy.”
The group has demonstrated good growth in the half year ended 30 September 2018. Turnover and EBITDA have both progressed in line with management’s expectations and the business is well positioned to deliver further growth in the remainder of the year.
A number of new contract wins have ensured the order book remains strong. New framework business with Welsh Water, Wales & West Utilities, Network Rail, Openreach and CityFibre have supported growth in the order book in the period, which in turn will support organic trading growth in the second half of the year and into the future.
Operating cash flows are satisfactory. The group’s banking facilities include a £75m Revolving Credit Facility which provides the business with significant liquidity for working capital and further acquisitions.
The integration of the acquisitions completed in the last twelve months has progressed very well and the businesses are trading in line with or ahead of management expectations pre-acquisition.