United Living Group has published strong financial results amid challenging trading conditions.
Group revenues for the year ended 31 March 2023 increased 22 per cent to £534 million, compared to £437 million in the previous financial period.
Adjusted EBITDA was reported at £40 million (FY2022: £24 million), and cash profit before tax was £29 million (FY2022: £9 million) due to interest accrued on shareholder loans and Amortisation of Goodwill.
United Living reported strong net cash flow of £27 million generated from operating activities (FY2022: £13 million) and a gross cash increase of £15 million to £56 million.
The group secured new contracts worth £1.7 billion during the financial period across all four of its business pillars, and reported a secured order book worth £3 billion.
United Living also won significant investment from global asset management firm Apollo Impact last year.
“We are pleased to announce another strong financial year for United Living,” said Neil Armstrong, chairman and CEO of United Living Group. “The group has made significant progress across our four complementary business pillars providing essential services to the owners and operators of UK utility infrastructure and property assets. Being able to achieve such sustainable growth reflects our dedication to creating lasting value despite some challenging macroeconomic conditions. I would like to thank the team for their hard work and unwavering commitment throughout FY2023 which has contributed to the success of the group.”
Armstrong added: “The four pillars of United Living’s business are experiencing tailwinds in the well-established infrastructure, telecoms and property sectors. There are many growth opportunities available in the infrastructure sector due to network upgrades, AMP8 in the water sector and new infrastructure required for hydrogen and CCUS and the related decarbonisation of heat.
“New property regulatory requirements are leading local authorities to require more property services to improve the conditions of existing housing stock and demand for new, affordable homes is increasing to align with the government’s targets. Additionally, with the rollout of 5G across the UK, we have also seen a high demand for our telecoms services.
“United Living has an exciting future and is well positioned to continue its strong organic growth and drive further value through suitable strategic acquisitions. We look forward to providing further updates on our progress in the coming months.”
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