Washington’s Fastflow Group has grown turnover 40% following the first full year of business with a County Durham acquisition.
The group, which has five business divisions, provides essential services to the utilities and property sectors across the 海角视频, with clients including Northumbrian Water and Scottish Water, as well as schools, universities and NHS trusts.
Accounts published for the year ended March 31 show that turnover soared from £98.1m to £137.5m, a rise of 40.2%, underpinned by the 2018 addition of Spennymoor company Partner Construction, which works with registered housing providers to create homes for affordable rent.
Ebitda was slightly down, from £10.4m to £10.3m, and the group’s cash balances increased from £10.6m to £13.5m, whilst bank borrowings decreased by £4m, as loan repayments were made. Despite the impressive rise in turnover, the firm reported a statutory loss of £4.8m, after charging costs of £7.6m for the amortisation of goodwill, £2.2m in interest on shareholder loan notes and accrued dividends of £2.2m on shares.
In a report accompanying the accounts, the group said each of the businesses within the group performed well and said highlights included its enduring relationship with Northumbrian Water, with whom it has a framework agreement that runs through to 2024.
Its property maintenance division DW Support Services grew turnover, securing new work with Catalyst Housing Group, covering all aspects of property maintenance, as well as Notting Hill Genesis and Red Kite for empty homes refurbishment.
Additional support for key client Northumbrian Water also increased revenues at Fastflow Pipeline Services, the clean water industry specialist.
Meanwhile, Fastflow Energy Services, which works in the 海角视频 gas transmission and distribution network, brought in consistent revenue as it completed projects and started new contracts.
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The group’s work on one of the 海角视频’s biggest utilities contracts, the High Speed 2 rail link continues, with FES delivering major high and intermediate pressure gas main diversions in Buckinghamshire and the West Midlands.
The group grew its workforce from 555 to 610 employees during the year.
Following the end of the financial year in June, Fastflow Group merged with maintenance and housing specialist United Living, to create a £400m-plus turnover operation employing around 1,100 people.
United Living recently reported record results with a 15% rise in turnover to £275m, while also securing a forward order book worth more than £1bn.
Neil Armstrong, chief executive of Fastflow Group and the merged business, said: “In line with our strategy, we continue to experience a healthy blend of acquisitional and organic growth.
“The hard work and commitment of our people across all our businesses made 2018/19 another successful one for Fastflow Group, providing us with a sound platform to further support the owners and operators of essential water, energy and housing assets. The enlarged group will provide more opportunities for further progress.”