RSK Group has topped £1 billion in turnover for the first time – as it announces 34 completed acquisitions last year alone.
The Cheshire-based company saw a more than 53 per cent increase in revenue in FY2023 to £1.2 billion, compared to £796 million in the previous financial period.
RSK also recorded a pre-tax loss of £80.6 million for the year, due to interest payments.
“As the board is focused on the long-term success of the group rather than short-term gains, we’re satisfied with these results,” said founder and CEO, Alan Ryder.
Adding: “When you build a business with a significant amount of debt, then – as a result of interest costs – you should not be surprised to see such an outcome.”
EBITDA for the group rose to £83.4 million, compared to £59.4 million in the previous financial year.
RSK more than doubled the cash it generated from operations in FY2022 (£31.9 million), to £75.4 million.
It finished FY2023 with £103.6 million in the bank.
Click here to read more about RSK’s recent growth activity
During the last financial period the company completed 34 takeovers and is understood to have secured two dozen more since then.
RSK now comprises more than 200 companies, employing 15,000 people, and is on track to deliver £5 billion in turnover by 2030.
Ryder said: “RSK is proud to be a global, employee-owned business. We have made a conscious decision to pursue a strategy centred around growth and diversification and remain confident that this is the best path for us.
“We have continued to invest heavily in the business and, as a result, recorded a pre-tax loss of £80.6 million for the period, which was expected and in line with our business plan.
“A key factor of business stability in a growing organisation is the strength of our balance sheet and cash position – we have plenty of cash in the bank and maintain positive bank balances in the order of £100 million at all times – so while we are a fast-growing business, we are also a strong, healthy and resilient one.”
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