6 Oct 2020 07:00
6 October 2020
Sureserve Group plc
("Sureserve" or the "Group")
Post year-end trading update
Continued strong performance and forward visibility
Sureserve (SUR.L), the compliance and energy services Group, is pleased to provide an update in relation to its financial year ended 30 September 2020, further to its in-line update announced on 19 August. Sureserve can confirm that the business continued to show resilient growth in revenue, earnings and cash flow and is therefore expected to deliver results for the financial year in line with management's expectations.
The Group is seeing identifiable market opportunities to grow and is investing significantly in apprenticeship and training schemes to foster talent and expertise within the business. Notwithstanding these investments, the Group's cash performance during the period has been strong and, as at 30 September 2020, net cash stood at £3m; whilst the Group deferred VAT payments for March to June in agreement with HMRC guidelines, this net cash figure is net of the deferral. In addition, the Group has a good degree of forward visibility with an order book of £375m and recurring cash flows. These factors, considered in aggregate, will enable the Board to consider reinstating its sustainable dividend policy.
Whilst the pandemic persists, we remain focused on the health, safety and welfare of our employees and those in the communities which we serve, taking all the appropriate Government protocols and precautions on site and in homes. We took the opportunity to undertake risk assessments on every operating location which was then independently certified as a COVID safe place of working, ensuring that the essential services the Group provides can continue.
Chairman Bob Holt commented:
"I am happy to report that the Group is delivering a consistently strong performance, which highlights the nature of the essential services we provide to homes and communities. This hard work has been achieved across the business and I would like therefore to thank each of the staff for their contribution. As ever, we are a business which wants to develop talent in house and so we have launched a number of new initiatives in terms of apprenticeships, training and in-job support to join us on this Group's future growth journey."
Enquiries
Sureserve Group | |
Bob Holt, Chairman | 07778 798 816 |
Peter Smith, Chief Financial Officer | 07590 929 431 |
Camarco (Financial Public Relations) | |
Ginny Pulbrook | 020 3757 4992 |
Ollie Head | |
Shore Capital (Nominated Adviser and Broker) | |
Antonio Bossi | 020 7408 4050 |
Mark Brown | |
Fiona Conroy | |
Notes to editors
Sureserve is a leading compliance and energy services group that performs critical functions in homes, public and commercial buildings, with a focus on clients in the UK public sector and regulated markets. Services are delivered through two divisions: Compliance and Energy Services.
The Group was founded in 1988 and is headquartered in Basildon. It currently employs some 2,077 staff from 22 offices across the UK.