7 Oct 2021 07:00
7 October 2021
Sureserve Group plc
("Sureserve" or the "Group")
Post year-end trading update
Strong performance with full year expectations in line with management's expectations
Sureserve (SUR.L) is pleased to provide an update in relation to its financial year ended 30 September 2021. The Group continued to experience strong growth in revenue, earnings and cash flow and the Board therefore expects results for the financial year to be in line with management's expectations.
The Group's cash performance has remained strong and as at 30 September 2021 net cash stood in excess of £16m (30 September 2020: £3.7m net of deferred VAT). The order book continues to demonstrate growth, up more than 30% on the order book at the end of the previous year (2020: £356m). This performance demonstrates the resilience and continuing demand for our services which are non-discretionary in nature and driven by mandatory inspections and accreditation requirements, alongside services which form a critical part of the Government's growing Green Agenda.
Sureserve will publish its full year results on Tuesday 25 January 2022.
Chairman Nick Winks commented:
"I am pleased to report that the financial year to 30 September 2021 saw the gradual return to the pre- Covid levels of full trading across the Group. Consequently, we expect results for the full year to be in line with our expectations.
The Board is focussed on our medium- term strategic options and is progressing with its search for a Chief Executive Officer as a matter of priority. Our growth strategy remains, as previously announced, focused on expansion through a mix of organic growth and prudent, earnings enhancing acquisitions.
I would like to take this opportunity of thanking our Interim Chief Operating Officer, Peter Smith, who agreed to assist the Group temporarily by combining the roles of Chief Financial Officer and many of the Chief Executive Officer's responsibilities over the last six months."
Enquiries
Sureserve Group |
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Nick Winks, Chairman | 07973 316544 | |||
Peter Smith, Chief Financial Officer | 07590 929431 | |||
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Camarco (Financial Public Relations) |
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Ginny Pulbrook | 020 3757 4990 | |||
Rosie Driscoll Toby Strong |
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Shore Capital (Nominated Adviser and Broker) | ||||
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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 2,427 staff from 22 offices across the UK.