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M Group Services plots expansion as revenue tops £2.2bn

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M Group Services has announced its intentions to break into new markets and expand its operations after seeing its profits and equity surge during a strong trading period.    

M Group Services CEO Andrew Findlay. Credit: M Group Services.

It follows the group’s acquisition this year by leading private equity firm, CVC Fund IX, which bought the company from French private equity firm, PAI Partners. 

Under PAI, the company has scaled significantly, integrating 14 complementary businesses and doubling the size of its orderbook. 

The Hertfordshire-headquartered utilities contractor just reported a huge surge in operating profit this year, to £25.3 million, compared to £2.6 million recorded the year prior.      

The group also acquired a majority stake (£59 million) in decarbonisation and retrofit specialists Agility Eco in December last year and is in “active discussions” regarding “a number of other potential strategic acquisitions”. 

M Group Services provides design, install, maintain and support services across energy, water, telecoms and transport infrastructure markets in the UK and Ireland. 

“Our strategy of seeking value-enhancing, bolt-on acquisitions to expand into adjacent, addressable markets has also continued this year, whilst continuing to embed prior year acquisitions,” said M Group Services. 

“This is enabling us to both broaden our capabilities within the sectors in which we currently operate, and to extend our service offering into new markets.” 

Adding: “Organically, the group has been successful in securing new framework contracts with both existing and new clients, and in extending existing contracts.” 

Turnover for the year ended 31 March 2024 was nearly £2.2 billion, up significantly from the £1.8 billion achieved in the previous financial period, generating a pre-tax profit of close to £24 million (FY2023: £1.3 million).                

Its orderbook was valued at £6.4 billion (FY2023: £6.9 billion), with 80 per cent already accounted for in FY2025.  

At the year end, M Group Services’s balance sheet had net assets and total equity of £155.5 million, compared to £141.1 million recorded the year before, with cash reserves of £104.8 million (FY2023: £211.4 million). 

M Group Services posted profit for the year of £13.7 million, rubbing out the £0.8 million loss recorded the year prior.    

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