United Living Group (“the Group”), a leading provider of critical national infrastructure services across the UK’s energy, water, telecoms, and social infrastructure sectors, has announced robust financial results for the fiscal year ended March 31, 2024. These results reflect strong growth across the Group’s four business pillars, bolstered by the recent investment from Apollo-managed funds in August 2023.
The Group is now consolidated at the “UL Intermediate I Ltd” level, acting as the ultimate holding company in the UK. The financial statements cover an eight-month consolidated period to March 2024, while the full-year performance for United Living Group is reflected in the financial summary below.
Financial Highlights
- Revenue: Increased by 17% to £627.2 million (2023: £534.2 million)
- Adjusted EBITDA: Grew by 34% to £53.2 million (2023: £39.7 million)
- Cash Profit Before Tax: Rose to £31.0 million (2023: £28.6 million)*
- Gross Cash Position: Strong cash balance at year-end at £52.0 million (2023: £55.8 million)
- New Contract Wins: Secured contracts totaling £900 million across all four business areas
- Order Book: Maintained a robust secured order book of £3.4 billion as of March 31, 2024
*Note: Cash profit before tax is adjusted for non-cash items, including interest on shareholder loans and goodwill amortization due to acquisitions.
Operational Highlights
The Group made substantial progress during the period, driven by key investments and contract wins:
- Investment by Apollo: In August 2023, Apollo-managed funds invested in United Living Group, facilitating growth and expansion across key sectors.
- Significant Contract Wins: The Group secured pivotal contracts across its divisions:
- United Living Property Services: A2 Dominion (£198 million), L&Q Trafford (£126 million), Royal Borough of Greenwich (£60 million)
- United Living Infrastructure Services: National Gas (£50 million), Yorkshire Water (£48 million)
- United Living Connected: Cornerstone (£57 million)
- United Living New Homes: Legal & General (£22 million)
Post-Period Developments
United Living Group has further strengthened its market position through strategic acquisitions post-year-end, enhancing its capabilities and market reach:
- Acquisition of AFECO (April 2024): AFECO, a specialist engineering services and solutions company in the water, marine, and energy sectors, now adds depth to the Group’s expertise.
- Acquisition of Majority Stakes in GTEC Training Limited and Thormer Solutions Limited (June 2024): GTEC Training is a leading training specialist, and Thormer Solutions offers Heatly, a digital tool facilitating heat pump design, surveying, and installation.
Neil Armstrong, Chairman and CEO of United Living Group, stated:
“We are pleased to announce another record financial result for United Living, ending the period with a strong cash position and a significant order book of secured future work, which reflects the growth across our four complementary business pillars. 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 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.”
Armstrong added:
“Apollo Impact platform’s investment in the Group in August 2023 has helped enable us to invest and grow within our focused business sectors. United Living is well positioned to continue its strong organic growth and add value through strategic acquisitions which are complementary to our existing activities.”
