United Living reported impressive revenue despite financial losses, driven by strong infrastructure support.
- In eight months, United Living achieved £453m in revenue, yet faced a pre-tax loss of £5.7m.
- The company secured new contracts valued at £900m across various business sectors.
- A strategic acquisition by Apollo Global Management facilitated further growth opportunities.
- United Living is well-positioned for future expansion, capitalising on sector upgrades and decarbonisation initiatives.
Over a concise eight-month period, United Living generated a significant £453 million in revenue. However, this financial achievement was tempered by a pre-tax loss of £5.7 million. The firm’s directors noted that their diversification strategy paid off, benefiting significantly from ‘tailwinds’ in the infrastructure, telecoms, and property sectors, which have been robust and growing.
New contracts worth £900 million have expanded United Living’s reach across its four key sectors: Infrastructure Services, Connected, Property Services, and New Homes. Notable contract wins included a sizeable £198 million from housing association A2Dominion for Property Services, and substantial agreements like £50 million from National Gas for Infrastructure Services and £57 million from Cornerstone for Connected.
The acquisition by Apollo Global Management in May 2023 has provided additional capital for United Living to explore growth. By March 2024, the company secured £3.4 billion in orders, emphasizing the strong market demand for its services. They maintain a cash reserve of £51.9 million and a revolving credit facility of £60 million, which ensures operational agility until 2030.
United Living has shown resilience and adaptability in its workforce management as well, employing an average of 1,387 staff per month, marking a notable increase from the previous year. This strategic increase aligns with its unaudited figures, where turnover rose 17% to £627.2 million, resulting in an unaudited pre-tax profit of £31 million.
The company’s future looks promising, with directors expressing confidence in their position to leverage growth opportunities within the infrastructure sector. Upgrades, such as those in the water sector through AMP8, and infrastructure needs related to carbon capture and decarbonisation, are anticipated to underpin further expansion. Neil Armstrong, the firm’s chairman and CEO, noted that new regulatory demands for building safety and sustainability are enhancing property service requirements.
United Living stands poised for future growth through strategic diversification and infrastructure sector opportunities.
