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Energy services firm Sureserve reports upbeat full-year results on back of contract wins

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Social housing energy services firm Sureserve reports one other upbeat full-year result following further contract wins by gas divisions

  • Revenue on the group rose by 27% to £275.1m for the 12 months ending 30 September
  • All three of its gas firms saw a double-digit percentage expansion in sales
  • Contracts won by Sureserve included a £68m take care of housing developer L&Q 

Energy services provider Sureserve has reported significant growth in annual sales and earnings as its gas businesses continued to win an in depth volume of large-sized contracts.

Revenue on the group, which primarily works on social housing projects, surged by 27 per cent to £275.1million for the 12 months ending 30 September, while profits from continuing operations grew by £4million to £13.1million. 

All three of its gas firms achieved double-digit percentage expansion in sales, supported by contractual price increase mechanisms that helped offset a few of the elevated cost pressures experienced through the 12 months.

Growth: Revenue at energy services provider Sureserve, which primarily works on social housing projects, surged by 27 per cent to £275.1million for the 12 months ending 30 September

Additionally they gained a substantial number of recent contracts, with the biggest being an eight-year, £68million take care of housing association L&Q to offer gas, repair and installation services.

Other contracts awarded included a £30million five-year arrangement with property developer Longhurst Group and decade-long deals with Tower Hamlets and Southend-on-Sea borough councils.

Though the worth of all contracts won by Sureserve fell by greater than 30 per cent on the previous 12 months, the common length of every deal now lasts six years as a substitute of 5, and its order book soared by 18 per cent to £593.5million.

The Kent-headquartered firm’s energy efficiency and renewables divisions, which include Everwarm and three way partnership Warmworks, have also been awarded quite a few deals from public bodies.

As a part of its strategy, Sureserve is aiming to spice up its presence as a significant heating maintenance provider to the British social housing sector and double sales over the following 4 years, partly through buying gas heating and green energy firms.

To this effect, it bought renewables specialist CorEnergy for £7.6million in December 2021, a takeover hailed as a ‘real success’ by the business since the subsidiary has performed higher than management forecasts.

Peter Smith, the corporate’s chief executive, said: ‘Last 12 months, we stated our ambition to be the UK’s leading social housing energy services provider.

‘We remain focused on pursuing a technique of each organic growth and acquisitions to extend our presence within the gas heating and renewables sectors, and our acquisition of CorEnergy has proven to be a successful addition to our renewables expertise.

‘In a fragmented market, our defined strategy supports our ambitions to be a number one social housing energy services provider delivering projects that matter on the forefront of the UK energy transition.’

Formerly often called Lakehouse, the firm stands to profit in the approaching years from the decarbonisation and efficiency upgrades required for the UK’s notoriously draughty housing stock.

It said trading because the starting of October had been strong and that just about 80 per cent of its expected revenues for this fiscal 12 months were covered by the enlarged order book.

‘Against the backdrop of a worldwide energy crisis and a worldwide trajectory towards sustainable energy sources, Sureserve’s strategy of balancing each renewables and gas is sensible,’ said Neil Shah, Edison Group’s director of research. 

Sureserve Group shares each closed 3.55 per cent higher at 87.5p on Tuesday.

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