M Group turnover hits £1.8bn in latest results


M Group Services has published a trading update – reporting strong turnover and cashflow.  

M Group Services
Credit: M Group Services.

The Group provides specialist services to energy, water, telecoms and transport infrastructure sectors in the UK and Ireland.  

Long-term framework clients include Thames Water, Cadent, National Grid, Network Rail, Heathrow, EON, British Gas, EDF, Openreach and Virgin Media.  


  • Turnover: £1.8 billion (FY2022: £1.5 billion) 
  • Operating profit: £2.6 million (FY2022: £32.2 million) 
  • Cash: £111.4 million (FY2022: £100 million) 
  • Net assets: £138.8 million (FY2022: £116.6 million) 

An undrawn revolving credit facility of £56.3 million and its cash position for the year ended 31 March 2023 provided substantial liquidity for the Group, it said. 

EBITDA before exceptional items and non-recurring items was £113.4 million (FY2022: £97.6 million). 

Exceptional costs of £33.8 million on major contracts and restructuring impacted the Group’s operating profit, it said. 

The Group had an orderbook of £6.9 billion (FY2022: £5.8 billion). 

Acquisitions in 2022 include OVO Metering Limited, and Salient Systems Limited. 

Its holding company is Minerva Equity Limited, owned by private equity firm, PAI Partners. 

“The strategy of the Group remains to grow both organically and through acquisition, I am pleased to confirm that the Group has made good progress,” said Andrew Findlay, chief executive. 

“In the year, the Group completed three acquisitions which sit across multiple sectors and help to further enhance our offering to clients and support future growth.” 

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