Fastflow Group, a provider of essential services to the utilities and property sectors, announces strong annual financial results to April 2019.
Turnover for 2018-2019 increased significantly by 40.2% to £137.5 million against £98.1 million in the previous year. Profits (EBITDA) remained consistent at £10.3 million (£10.4 million in 2017/18). The group’s cash balances also increased from £10.6 million to £13.5 million, whilst bank borrowings decreased by £4 million, as loan repayments were made.
The growth in turnover was underpinned mainly by the addition of Partner Construction (Partner) to the group in February 2018. Partner works with registered housing providers, creating homes for affordable rent across the UK.
Property maintenance division DW Support Services also 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, increased the revenues at Fastflow Pipeline Services, the clean water industry specialist.
Fastflow Energy Services, which operates in the UK gas transmission and distribution network, delivered consistent revenue levels as the division completed projects and implemented additional new contracts.
These included a design and build project for the upgrading of eight above ground gas installations on behalf of Cadent Gas and infrastructure replacement at the St. Fergus Gas Processing Terminal, near Aberdeen, as part of the National Grid (NG) Asset Health Framework.
In addition, work on one of the UK’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.
In June 2019, post the period end, Fastflow Group merged with maintenance and housing specialist United Living, to create a £400 million plus turnover operation employing around 1,100 people.
United Living recently reported record results. Turnover in 2018/19 was up 15% on the previous year at £275 million (£240 million in 2017/18), while profits (EBITDA) rose by 8% to £11.5 million (£10.7 million in 2017/18). Cash balances also increased from £20.6 million to £33.3 million. The business has a secured forward order book exceeding £1 billion.
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.”