Sureserve full-year results show turnaround is well underway
In Sureserve’s latest ETV, executive chairman Bob Holt speaks about the turnaround being delivered at the company. The group reported earnings ahead of expectations on 21 January, with this the first full year of financials being reported without the more risky construction and property services businesses that were divested last year. As well as good top- and bottom-line growth, cash conversion was encouraging and net debt continues to fall. Both the Compliance and Energy Services divisions performed well, with gas compliance in particular delivering strongly.
The group is comfortable. It expects 10% growth for the year ahead, with 72% of 2019 revenues already booked, a mild winter for the start of 2020, which will benefit the gas compliance businesses margins, and further potential upside from the framework contracts in Energy Services.
Bob also discusses how the group is well positioned if England joins Scotland and Wales in developing an energy management strategy and the benefits of being an installer in the smart metering sector, which could both be further growth pillars.
The final part of the video touches on the group achieving a carbon-neutral status for the second year, which will appeal to sustainable investors.
About Bob Holt, OBE
Bob Holt was appointed as executive chairman in July 2016. He brings industry experience and is overseeing the turnaround in Sureserve’s operations. He is also the non-executive chair at Totally. His previous roles include chairman of Mears Group, non-executive chairman for DX Group and non-executive chairman at Inspired Energy.
Sureserve Group is an AIM-listed business engaged in asset and energy support services, focused on customers in the outsourced public and regulated services sectors in the UK. The group comprises two divisions, Compliance and Energy Services.