M Group Services owner reports £40m underlying profit

Aaron Morby 3 years ago
Share

Minerva Equity, the holding company for infrastructure specialist contractor M Group Services, delivered a £40m underlying operating profit in the year to March 2021.

The pre-exceptional and amortisation profit was down a third on the previous year but was described as a resilient performance by M Group Services chief executive Jim Arnold.

M Group Services business performance was also supported by nearly £24m in covid job retention grants and  £29m in VAT payments deferredt o support cash.

Despite Covid disruption revenue only slipped 3% to £1.26bn as its infrastructure business managed to trade with limited disruption.

As a result, the group recorded revenue growth within water and telecoms. Transport recorded revenue slightly down with good rail growth offset by a large reduction in aviation work.

 

Minerva Equity trading divisions
Turnover 2021 2020
Energy £378m £448m
Water £443m £422m
Telecoms £259m £238m
Transport £181m £193m

The pandemic had the biggest impact on the energy division as its work contained most consumer-facing activity, like domestic supply pipe replacement, smart meter installation and meter reading.

The latest figures do not include the acquisition of Skanska UK’s £320m turnover infrastructure services operation last April, now rebranded Milestone Infrastructure.

Average monthly staff headcount fell by over 400 to 8,560 after a round of redundancies mainly in aviation-related business costing £1.3m and £1m of additional restructuring costs.

After amortisation of goodwill (£49m) from consolidated businesses and £49m in net interest costs on borrowings, Minerva Equity posted a pre-tax loss of £61m.

 

 

Latest news

RG Group signs £121m Newcastle rental homes job

Developer Olympian Homes advances 519 flats plan at Pottery Lane site
3 days ago

Geoffrey Osborne files administration notice

Contractor in talks to save parts of the business
3 days ago

Winners named for £260m Manchester Uni framework

B&K, Henry Bros, Graham, Robertson and Vinci among new line-up
3 days ago

Shed specialist Benniman rides out market lull

Worcestershire warehouse builder says industrial and logistics work is picking up again
3 days ago

Another contractor cleared after high profile immigration raid

Adana Construction employees were working legally on site swooped on by Home Office
3 days ago

McAleer & Rushe wants to meet new London suppliers

Contractor holding Meet the Buyer event in London: Register now
3 days ago

McAlpine signs £500m Broadgate dual towers deal

Work to start on iconic 36-storey and 21-storey towers
4 days ago

Worker rescued from collapsed four metre deep trench

Fire crews take six hours to save trapped builder near Blackwall Tunnel
4 days ago

Gove puts another major building scheme on hold

Secretary of State starts another planning fight after M&S defeat
4 days ago

Greenwich University tenders £300m framework

Up to five firms will carry out upgrade and newbuild work at three campuses
4 days ago

Work starts on Manchester 26-storey Obsidian tower

Contractor Domis starts Salboy's 10th Manchester scheme in seven years
4 days ago

Race for £1.3bn West Midlands social homes framework

The Community Housing Group reboots tender race for new build housing
4 days ago

Delancey submits £400m King’s Cross lab plans

200,000 sq ft lab/office project will be built above railway and tube tunnels just 4.5m below
4 days ago

Winners revealed for £150m fire safety framework

New deal will help organisations comply with the Building Safety Act
4 days ago

Sellar plans £500m City tower next to Walkie-Talkie

Consultation starts on London 60 Gracechurch Street tower
5 days ago

Severfield ends year on high with record order book

Orders top £500m with strong future pipeline of opportunities ahead
5 days ago

Second senior director exits National Highways

Commercial director Malcolm Dare set to move on to new role
5 days ago

New scheme fuels London lab building boom

Plans in for 160,000 sq ft Whitechapel scheme near Royal London hospital
5 days ago

Contract race starts for next £155m section of A9 dualling

Prior Information Notice published for Tay Crossing to Ballinluig stretch
5 days ago

£55m Sheffield build-to-rent scheme approved

Demolition to start later this year for 158-flat Sheffield Garden project
5 days ago

London back as most expensive place to build in world

Capital leapfrogs Geneva to top costliest construction rankings
6 days ago

Gas supplier Regent to buy TClarke for £90m

£491m turnover listed building services specialist to be sold
6 days ago

Steel contractor Billington launches into bridge market

Steelwork firm hires staff from failed architectural and bridge specialist SH Structures
6 days ago

McGee employees benefit from rise in profits

Pre-tax profit doubles boosting payouts for Employee Ownership Trust
6 days ago

Lendlease veteran is latest new McAlpine director

Paul Sims joins as Operations Director after 40 years at rival contractor
6 days ago

Costain signs site labour supply deal with four firms

Contractor to use only a quartet of providers for temporary labour supply
6 days ago

BAM go-ahead for Leeds 200,000 sq ft office

Latitude Yellow will complete final plot at Doncaster Monk Bridge site
6 days ago

VolkerFitzpatrick wins £30m logistics job

Latest deal to build five distribution units for Prologis UK
6 days ago

Trio win new Scape utilities consultancy framework

Perfect Circle, AtkinsRéalis and Arcadis win places on
6 days ago

Precast firm FP McCann cleared after immigration raid

Home Office takes no action after public raid on construction site
7 days ago

Contractor services