• Sun. Mar 3rd, 2024

North East Connected

Hopping Across The North East From Hub To Hub

Record Year for Washington Headquartered Fastflow Group

Fastflow Site, Little StanneyFastflow Group, the utilities infrastructure and support services specialist, today announces its final results for the year ended 31 March 2015.

Highlights

  • Record increase in revenues of 93% to £48.8 million (2014: £25.3 million)
  • Significant improvement in operating profit to £5.0 million (2014: £0.7 million)
  • Order book remains at over £300 million
  • Strong cash flow generated from operating activities of £5.8 million (2014: £3.2 million)
  • Acquisition of Oxford based property management and maintenance operation DW Support Services (DWSS) in May 2014

Successful mobilisation of new contracts worth £100 million over their duration, including:

  • Two new contracts with capital based housing associations Family Mosiac and Hastoe Homes in Bedfordshire, Buckinghamshire and Oxfordshire

Five contracts awarded to Fastflow Energy Services to deliver gas pipeline and equipment installation and repairs comprising:

 

      • Four projects on the National Grid’s asset health programme and – as a Tier 2 Framework partner on the capital investment initiative – works for the Heads of Valley A465 gas pipeline project near Tredegar with Wales and West Utilities, on behalf of the Welsh Assembly.
      • Fastflow Pipeline Services commenced work in April 2015 on the sixth round of the water industry’s asset management programme (AMP6) for Northumbrian Water Group which included operations in the North East and the addition of a long term agreement with Essex Water.

Neil Armstrong, Fastflow Group Chairman, commented:  “It has been a record breaking year for the group since its formation in 2005, with significant progress made in revenue and profit growth.   We have enhanced our presence in the utility sector and utilised our asset maintenance skills to successfully cross over into social housing and property maintenance.

“The diversification of the business has generated new opportunities and provides a strong platform for future growth.    The business will continue generate organic growth and pursue further relevant acquisitions to strengthen our offering.

 

“I would like to thank the team for their hard work and dedication, which has contributed to the strong success of the group.  We look forward to the year ahead with confidence.”

By admin