Revenue


EBITDA


2018 Financial Highlights

Results for the six months to 30 September 2018

21 December 2018

Continued growth in a competitive market

Highlights

  • 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, said:

“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.”

Performance review

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.

2019 Financial Highlights

M Group Services

Results for the six months to 30 September 2019

20 December 2019

Continued growth in a competitive market

Highlights

  • Group turnover increased by c. 10% to £624 million compared with prior half-year, with improvement in EBITDA margin
  • Significant increase in secured order book following confirmation of contract extensions
  • Previous acquisitions integrated and progressing well
  • Three further acquisitions completed in the half year (Tomato Plant Company, Antagrade and KH Engineering Services) – integration progressing well and trading in line with expectations

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 and Ireland.  Our results for the period continue to demonstrate the resilient and reliable nature of our markets and the skill and commitment of our people.  We continue to grow organically and through acquisition and see plenty of opportunity to continue to do so.” 

Performance review

The group has demonstrated good growth in the half year ended 30 September 2019.  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 contract extensions and new contract wins have ensured the order book remains strong. These include extensions to both the Scottish Water and Southern Water capital delivery frameworks, and an extension to the Anglian Water Alliance framework.  New awards include smart meter installation services for So Energy and Bulb; additional Openreach works covering new and existing areas under the superfast extension programme and full fibre programme; and new fibre installation framework contracts with Virgin Media.  These awards will support organic trading growth in the second half of the year and into the future. 

Operating cash flows remain robust.  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 well and the businesses are trading in line with management expectations pre-acquisition.

2020 Financial Highlights

Results for the six months to 30 September 2020

24 March 2021

Highlights

  • Group turnover was £593 million, a decrease of £32 million on the prior half year principally due to the impact of the coronavirus pandemic
  • Operating cashflow and liquidity remained strong
  • The total order book stands at a record level of c. £4.2 billion following significant contract awards
  • FY20 acquisitions are integrated and trading in line with expectations.
  • IDS was acquired in October 2020 providing the Group with capability in the MEICA markets

Commenting on the results, Jim Arnold, CEO, commented:

“The business has delivered a very good performance during the coronavirus pandemic. Our results for the period demonstrate the resilience of the business and the reliable nature of our markets.  The skill and commitment of our people during this challenging time has been exceptional, delivering essential infrastructure for our clients safely.” 

Performance review

In many areas of our business, the Group has remained unaffected by the pandemic and our operations have continued to deliver. It has been in client facing activities where there has been most impact, largely within our Energy Division, in areas such as meter reading, smart meter installation and gas mains replacement activities where access to homes is required. We have additionally experienced some reduction in turnover in our Transport and Water Divisions where our work airside within airports has been affected following the reduction in air travel.

The cash performance of the Group was very strong with a continued focus on cash collections during the pandemic. The group’s banking facilities include a £75m Revolving Credit Facility which provides the business with significant liquidity for working capital and further acquisitions. 

A number of contract extensions and new contract wins have ensured the order book remains strong. Major wins in the half-year include AMP7/8 framework contract for Thames Water, meter reading and data management contracts for British Gas, E.ON and OVO, a 10-year framework contract with Cadent to manage gas mains replacement, fibre cities programme work for Openreach, our first contract for private telecom network management for Scottish Power and a framework contract for Highways England. These awards will support organic trading growth in the second half of the year and into the future. 

The integration of the acquisitions completed in the last twelve months has progressed well and the businesses are trading in line with management expectations.