United Living Group is targeting further expansion and growth after delivering another record financial result.
Group revenues for the year ended 31 March 2024 rose 17 per cent, to £627.2 million, compared to £534.2 million the year before, generating a pre-tax profit of £31 million (2023: £28.6 million) and EBITDA of £53.2 million, up 34 per cent from 2023 (£39.7 million).
During the year, United Living secured £900 million of new contracts across its key market sectors (energy, water, telecoms, social infrastructure) – and, as of 31 March 2024, the group posted a secured order book worth £3.4 billion.
Key contract wins
United Living Property Services
- A2 Dominion – £198 million
- L&Q Trafford – £126 million
- Royal Borough of Greenwich – £60 million
United Living Infrastructure Services
- National Gas – £50 million
- Yorkshire Water – £48 million
United Living Connected
- Cornerstone – £57 million
United Living New Homes
- Legal & General – £22 million
Gross cash held at the year-end also remained stable, at £52 million, compared to £55.8 million the year prior.
“We are pleased to announce another record financial result for United Living, ending the period with a strong cash position and a significant order book of secured future work, which reflects the growth across our four complementary business pillars,” said Neil Armstrong, chairman and CEO.
He added: “The group is benefitting from the many opportunities in the well-established infrastructure and property sectors. In the infrastructure sector, these come from network upgrades, and new infrastructure required for hydrogen and Carbon Capture, Utilisation and Storage, and the related decarbonisation of heat, AMP8 in the water sector, and the continued rollout of 5G across the UK in the telecoms sector.
“New property regulatory requirements relating to building safety, damp and mould and net zero are driving an increase in the requirement for 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.”
United Living recently announced the acquisition of property services business, PiLON, for an undisclosed sum.
That deal followed the acquisition of a majority stake in two businesses operating in the renewable energy market and specialist engineering firm AFECO before that.
Armstrong added: “United Living is well positioned to continue its strong organic growth and add value through strategic acquisitions which are complementary to our existing activities.”
Was this interesting? Try: Kori announces new construction director
If you have a tip or story idea that fits with our publication, please contact the news editor rory@wavenews.co.uk
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.