OCU Group has reported record turnover and growth in its latest financial results.
In the 12 months to 30 April 2023, the Stockport-headquartered utility and energy engineering services contractor posted revenues of £455 million.
The 54 per cent year-on-year increase reflected the group’s organic growth across its main businesses, it said, as well as new hires and several acquisitions made during the year.
In October last year, OCU acquired team management and automation software provider, Insiris, for an undisclosed sum.
Before that in July, the company acquired electrical engineering specialist, Hornbill Group and its subsidiaries, and before that in June, Integrum Power Engineering Limited.
At the time, Integrum was its seventh acquisition in 15 months.
In August 2022, OCU was acquired by Triton Partners, a leading investment firm.
Click here to read more about the activities of OCU Group
Group chairman, David Taylor-Smith, said: “This is our first full year under Triton’s ownership, we are delighted with our results and the progress we have made in executing our strategy.
“As well as delivering strong financial and operational performance, we have expanded our geographical coverage and increased the breadth of our capabilities enabling us to further serve our clients.”
Michael Hughes, group CEO, added: “Our robust financial performance, and the investments OCU continues to make, demonstrate our resilient business plan and commitment to long-term value creation for all of our stakeholders. Our results are testament to the commitment and dedication of all our OCU colleagues and underscore the inherent strengths of the OCU business model.
“This year has continued to show that safety is at the heart of everything we do as we build, upgrade and maintain important critical infrastructure in the energy, telecoms, water, and transport markets. Our values also ensure that we deliver our energy transition and utilities contracting in a sustainable way.”
Hughes added: “Looking forward, OCU Group will continue to invest in expertise and capacity to support the continued needs of our clients and wider growth of the business, with our goal of continuing to lead the way in utilities and energy transition sectors.”
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