The company is forecasting continued organic growth in the coming period. Credit: Miha Creative via Shutterstock.

United Living Group, a provider of critical national infrastructure services across the UK’s energy, water, telecoms, and social infrastructure sectors, has reported record results for the fiscal year ending 31 March 2024.

The group’s performance reflects a substantial increase in revenues and adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA), showcasing its strong position in the construction sector.

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For the year, revenues increased by 17% to £627.2m ($808.6m), compared to £534.2m in 2023. Adjusted EBITDA saw an even more impressive rise of 34%, reaching £53.2m, up from £39.7m in the previous year. Cash profit before tax also increased to £31.0m, compared to £28.6m in 2023.

United Living maintained a robust gross cash position at year-end, holding £52.0m, slightly down from £55.8m in 2023.

The company secured new contracts worth £900m during the period, contributing to a secured order book of £3.4bn as of 31 March. This growth in contracts spans all four business pillars, indicating a diversified portfolio.

United Living Group chair and CEO Neil Armstrong said: “Apollo Impact platform’s investment in the group in August 2023 has helped enable us to invest and grow within our focused business sectors.

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“United Living is well-positioned to continue its strong organic growth and add value through strategic acquisitions which are complementary to our existing activities.”

In April 2024, post-period end, United Living acquired AFECO, an independent specialist engineering services and solutions company. Additionally, the group acquired a majority stake in GTEC Training and Thormer Solutions in June 2024 and PiLON in October 2024.

Armstrong added: “The group is benefitting from the many opportunities in the well-established infrastructure and property sectors. In the infrastructure sector, these come from network upgrades, and new infrastructure required for hydrogen and carbon capture, utilisation and storage, and the related decarbonisation of heat, AMP8 [Asset Management Period 8] in the water sector, and the continued rollout of 5G across the UK in the telecoms sector.

“New property regulatory requirements relating to building safety, damp and mould and net zero are driving an increase in the requirement for property services to improve the conditions of existing housing stock and demand for new, affordable homes is increasing to align with the government’s targets.”