19 Aug 2020 07:00
19 August 2020
Sureserve Group plc
("Sureserve" or the "Group")
Trading Update: Delivering a strong performance
Sureserve, the compliance and energy services Group, is pleased to provide an update on trading.
The Group has been quick to address the issues created by the global pandemic, allowing Sureserve to continue to meet the needs of its customers. The health, safety and welfare of our employees and those in the communities which we serve has been of paramount importance. Despite the challenging circumstances, our financial performance is strong, demonstrating the resilient nature of the business and the essential nature of much of the work we perform. The Board remains confident that trading for the financial year ended 30 September 2020 will be in line with management's expectations.
Since announcing our results for the first six months to 31 March 2020 on 27 May 2020, the Group has been awarded 21 new contracts with an annualised value of £16m, adding £40m to the order book. In anticipation of identifiable increased market opportunities, the bidding teams have been strengthened in both divisions. The order book is at a seasonal high.
The strong trading performance of the Group in the last 12 months has enabled the Board to consider a sustainable dividend policy, which is more than adequately covered by significant earnings per share and regular recurring cash flows. At the end of July 2020, the Group paid off all its borrowings and Sureserve continues to have a £25m RCF at its disposal, along with an overdraft to fund any significant growth ambitions in the future. The Group continues to show resilient growth in revenue, earnings and cash flows and looks forward to continuing its strong operational and financial performance during the rest of the financial year.
Chairman Bob Holt commented:
"Sureserve's performance in challenging circumstances highlights not only the significant commitment of our workforce, who have performed impressively throughout the pandemic, but also the strong operational and financial platform we have established. The Group has been able to continue much of its work while adhering to strict government protocols and we've continued to provide the high-quality service we are known for. Sureserve's strong cash position and newly strengthened bidding teams give us confidence in being able to make further progress in the order book this year and I look forward to bringing you further positive news in the future."
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 2,061 staff from 22 offices across the UK.