Sureserve compliance work lifts profit nearly 50%

Aaron Morby 3 years ago
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Maintenance and gas services compliance contractor Sureserve delivered a 46% hike in pre-tax profit to £7.8m despite Covid-19 impacting revenue in the year to September.

Sureserve chairman Bob Holt said the firm’s gas compliance business drove the improvement and was now well-positioned for further organic growth in a fragmented and regional market.

During the year revenue from continuing operations slipped 8% to £196m following a significant Covid-19 impact at its energy services division.

But the firm’s compliance division saw revenue rise slightly to £137m generating an operating profit almost 40% up to £11.8m, from a margin up 2.2 percentage points to 8.6%.

The Energy Services division, which was not afforded the same ‘key worker’ status as Compliance faired less well.

Revenue dropped just over a quarter to £60m, with operating profit down to £800,000 from £4m previously.

Holt said: “We have started 2021 strongly and, with 77% of revenues covered by our £356m order book, we look forward to the business continuing on this growth trajectory.

“We have a solid platform for further growth, underpinned by our continued focus on regulatory-driven sustainable revenues and targeting growth both organically and through acquisition.

He added: “There are many opportunities for growth ahead, including the Green Homes Grant announced in July 2020 by the Government and an increased focus on the net-zero target for carbon emissions by 2050.”

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