11 Oct 2022 07:00
11 October 2022
Sureserve Group plc
("Sureserve" or the "Group")
Post year-end trading update
Full year results in line with management's expectations
Sureserve (SUR.L), the Social Housing Energy Services Group, is pleased to provide an update in relation to its financial year ended 30 September 2022. The Group has continued to experience growth in revenue, earnings and cash flow and the Board therefore expects results for the financial year ended 30 September 2022 to be in line with management's expectations. This reflects solid operational performance despite inflationary pressures, against which the Company has taken action, and remains confident it can continue to mitigate going forwards.
The order book1 stands at £585m, up more than 16% on the previous year (2021: £503m) demonstrating the resilience and continuing demand for our services. At 30 September 2022, the Group's net cash balance (excluding lease liabilities) was in excess of £23m (30 September 2021: £16.5m), with the £15m revolving credit facility remaining undrawn.
Our two businesses, Sureserve Fire and Electrical Limited and Precision Lift Services Limited, continue to be held for sale. Both businesses are performing well, thereby providing the opportunity to achieve the right price and the right buyer for each business.
Sureserve will publish its full year results on Tuesday 24 January 2023.
Commenting on the update, Peter Smith, Chief Executive Officer of Sureserve said:
"The results for the year confirm a good trading performance and demonstrate Sureserve's resilient business model, which is to provide energy services to the Social Housing sector. Our £585m order book provides good visibility of future earnings and our strong cash generation sets us up well to deliver on our growth targets."
1 - From continuing operations. Continuing operations comprises the Social Housing Energy Services division and central costs segment. Two businesses, Sureserve Fire and Electrical Limited and Precision Lift Services Limited are classified as businesses held for sale and are excluded from continuing operations.
Enquiries:
Sureserve Group |
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Nick Winks, Chairman | 07973 316 544 |
Peter Smith, Chief Executive Officer | 07590 929 431 |
Sameet Vohra, Chief Financial Officer | 07834 740 059 |
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Camarco (Financial Public Relations) | |
Ginny Pulbrook | 020 3757 4992 |
Rosie Driscoll | |
Toby Strong | |
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Shore Capital (Nominated Adviser and Broker) | 020 7408 4090 |
Stephane Auton / Daniel Bush / Tom Knibbs (Corporate Advisory) Fiona Conroy (Corporate Broking) |
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Notes to editors
Sureserve is a leading UK Social Housing Energy Services Group. The Group was founded in 1988 and is headquartered in Dartford. It currently employs some 2,588 staff from 28 offices across the UK. Following the strategic review announced in January 2022, the Group now reports performance under a single "Social Housing Energy Services" division.