Date Published: 14/11/2023
Commenting on the results, Chris Keen, Chief Financial Officer:
“We are pleased with the continued momentum in the business, which is evident from this strong set of half year results. We have also strengthened our cash position which allows us to explore more acquisition opportunities and to continue to develop the capabilities of the Group.”
Commenting on the results, Andrew Findlay, Chief Executive Officer:
“I would like to thank the team for delivering a strong performance, reflecting the exceptional quality of our people. We are proud of the way we partner with our customers, and we are in a good place to build on the first half of the year and focus on acquisitions, continuous improvement, efficiencies, and talent.”
ESG
Post half-year events.
Commenting on the results, Jim Arnold, Chief Executive Officer:
“The business has delivered a strong performance in line with forecasts. Our results for the period demonstrate the resilience of the business and the reliable nature of our markets. We continue to grow organically and I am pleased to confirm that the recent acquisitions (Milestone, Z-Tech, Waldon and MES Transmission Networks) are all performing to plan and are being progressively integrated within the group. The acquisitions of both Seeka and Salient in the period have contributed to the expansion of our capability and skills within the Group and the acquisition pipeline remains strong. The skill and commitment of our people is exceptional, continuing to safely deliver essential infrastructure in a sustainable way for our clients.”
Performance review
Group turnover and EBITDA continued to grow demonstrating the strength, resilience and diversity of the group and the sectors that we operate in. The improvement in EBITDA in H1FY23 reflects a return to higher levels of activity post COVID-19 augmented by the recent acquisitions.
Operating cash flows remain robust and in line with management expectations. The group’s banking facilities on 30 September 2022 include an undrawn Revolving Credit Facility which provides the business with significant liquidity for working capital and further acquisitions.
Several contract extensions and new contract wins have ensured the order book remains strong. Major wins in the half-year include new contracts with National Grid for electrical transmission overhead works in Energy, new contracts with Openreach for Customer Connections and network maintenance in Telecoms, contract extensions with Hampshire Highways and Connect Plus Services (M25) in Transport, and contract extension with Welsh Water in the Water division. These awards and others will support our future organic trading growth.
The Group continues to make significant progress in our commitment to operating in a way that is sustainable, responsible, and respectful to the communities in which we work. In September we published our latest ESG Report outlining our commitments including to achieving a 50% reduction in carbon emissions by 2030 across the Group. The ESG report also headlines some of our wider in year achievements, and signposts where we are focusing looking forward.
Results for the six months to 30 September 2021
Highlights
“The business has delivered a strong performance in line with forecasts and in excess of pre COVID levels. Our results for the period demonstrate the diversification and resilience of the business and the reliable nature of our markets. The acquisitions of both Milestone and Waldon have contributed to the expansion of our capability and skills within the Group and the acquisition pipeline remains strong. The skill and commitment of our people during and following the pandemic has been exceptional, continuing to safely deliver essential infrastructure for our clients”
Group turnover and EBITDA continued to grow demonstrating the strength, resilience and diversity of the group and the sectors that we operate in. The improvement in EBITDA in H1FY22 reflects a return to higher levels of activity post COVID-19 within the Energy Division, increased work in both Water and Telecom and augmented by the acquisition of Milestone within Transport.
Operating cash flows remain robust and in line with management expectations. The group’s banking facilities at 30 September 2021 include an undrawn £75m Revolving Credit Facility which provides the business with significant liquidity for working capital and further acquisitions.
A number of contract extensions and new contract wins have ensured the order book remains strong. Major wins in the half-year include a 3 year contract in the Energy Division in relation to underground network cabling for Scottish Power, a 6 year contract with Scottish Water in the Water Division to deliver MEICA services, various framework contracts with Network Rail in the Transport Division and contracts with Ogi (Truespeed), CTIL and 3UK in the Telecom Division. These awards will support organic trading growth in the second half of the year and into the future.
The integration of the acquisitions completed in the last twelve months has progressed well and the businesses are trading in line with management expectations.
Results for the six months to 30 September 2020
24 March 2021
Commenting on the results, Jim Arnold, CEO, commented:
“The business has delivered a very good performance during the coronavirus pandemic. Our results for the period demonstrate the resilience of the business and the reliable nature of our markets. The skill and commitment of our people during this challenging time has been exceptional, delivering essential infrastructure for our clients safely.”
In many areas of our business, the Group has remained unaffected by the pandemic and our operations have continued to deliver. It has been in client facing activities where there has been most impact, largely within our Energy Division, in areas such as meter reading, smart meter installation and gas mains replacement activities where access to homes is required. We have additionally experienced some reduction in turnover in our Transport and Water Divisions where our work airside within airports has been affected following the reduction in air travel.
The cash performance of the Group was very strong with a continued focus on cash collections during the pandemic. The group’s banking facilities include a £75m Revolving Credit Facility which provides the business with significant liquidity for working capital and further acquisitions.
A number of contract extensions and new contract wins have ensured the order book remains strong. Major wins in the half-year include AMP7/8 framework contract for Thames Water, meter reading and data management contracts for British Gas, E.ON and OVO, a 10-year framework contract with Cadent to manage gas mains replacement, fibre cities programme work for Openreach, our first contract for private telecom network management for Scottish Power and a framework contract for Highways England. These awards will support organic trading growth in the second half of the year and into the future.
M Group Services
Results for the six months to 30 September 2019
20 December 2019
Continued growth in a competitive market
“We continue to pursue our strategy of providing specialist services to owners and users of essential infrastructure in the UK and Ireland.Our results for the period continue to demonstrate the resilient and reliable nature of our markets and the skill and commitment of our people.We continue to grow organically and through acquisition and see plenty of opportunity to continue to do so.”
The group has demonstrated good growth in the half year ended 30 September 2019.Turnover and EBITDA have both progressed in line with management’s expectations and the business is well positioned to deliver further growth in the remainder of the year.
A number of contract extensions and new contract wins have ensured the order book remains strong. These include extensions to both the Scottish Water and Southern Water capital delivery frameworks, and an extension to the Anglian Water Alliance framework. New awards include smart meter installation services for So Energy and Bulb; additional Openreach works covering new and existing areas under the superfast extension programme and full fibre programme; and new fibre installation framework contracts with Virgin Media.These awards will support organic trading growth in the second half of the year and into the future.
Operating cash flows remain robust.The group’s banking facilities include a £75m Revolving Credit Facility which provides the business with significant liquidity for working capital and further acquisitions.
The integration of the acquisitions completed in the last twelve months has progressed well and the businesses are trading in line with management expectations pre-acquisition.
2018 Financial Highlights
Results for the six months to 30 September 2018
21 December 2018
Commenting on the results, Jim Arnold, CEO, said:
“We continue to pursue our strategy of providing specialist services to owners and users of essential infrastructure in the UK.Our results for the period demonstrate the resilient and reliable nature of our markets and the skill and commitment of our people.We have been particularly pleased that clients, new and old, continue to place their trust in our business to deliver services to them.
During the period I was delighted to announce that, PAI, a major European private equity investor, acquired the business alongside the existing senior management. We look forward to working with PAI to continue to expand our service offering through both organic and acquisitive growth in line with our business strategy.”
The Group has demonstrated good growth in the half year ended 30 September 2018.Turnover and EBITDA have both progressed in line with management’s expectations and the business is well positioned to deliver further growth in the remainder of the year.
A number of new contract wins have ensured the order book remains strong.New framework business with Welsh Water, Wales & West Utilities, Network Rail, Openreach and CityFibre have supported growth in the order book in the period, which in turn will support organic trading growth in the second half of the year and into the future.
Operating cash flows are satisfactory.The Group’s banking facilities include a £75m Revolving Credit Facility which provides the business with significant liquidity for working capital and further acquisitions.
The integration of the acquisitions completed in the last twelve months has progressed very well and the businesses are trading in line with or ahead of management expectations pre-acquisition.