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Social housing contractor reports strong growth in revenue and profits
Social housing energy services group Sureserve has reported strong growth in revenue and profits for the year 2022.
The Dartford-based company, which supplies heating and heating maintenance to housing associations and local authorities across the UK, has posted its preliminary results for the year ending September 2022.
The accounts reveal that Sureserve’s revenue increased by 27% to £275.1m for the year, up from £216.6m in 2021.
Sureserve’s profits before tax jumped 40.5% to £15.6m, up from £11m in 2021.
The company said that its order book also rose by 18% in 2022 to £593.5m and that this “momentum had continued” with a good start to trading in 2023 despite the broader economic environment and inflationary cost pressures.
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The group reported 99 contract wins valued at £247m, down from £400m in 2021, and increased its average contract length to six years.
Sureserve was formerly the energy and compliance arm of Lakehouse, and the only division of the group to survive when the contractor went into administration in 2019.
Sharpening its focus on the social housing sector, the group now employs more than 2,600 members of staff in 31 offices across the UK and offers services such as insulation, smart meters, heat pumps and solar panels.
The company’s group summary said that its three gas businesses, Sure Maintenance, K&T Heating and Aaron Services, delivered double-digit growth compared to the previous year and won significant new contracts.
K&T Heating won a £68m contract with housing giant L&Q over an eight-year period, a £30m contract with housing association Longhurst and a £20m contract with Metropolitan Thames Valley for domestic, commercial heating and electrical works.
The group’s energy efficiency and renewables businesses continued to see several “large wins”, with Everwarm winning a four-year energy services contract with Aberdeenshire Council for £10m.
CorEnergy, which Sureserve acquired in 2021, also saw a number of wins including works for Liverpool City Council for £2.5m and works in excess of £1.5m with Dorset Council.
Peter Smith, chief executive of Sureserve, said: “I am pleased to report a year of progress at Sureserve building on last year’s momentum to achieve strong increases in revenue and profits.
“Last year we stated our ambition to be the UK’s leading social housing energy services provider. We remain focused on pursuing a strategy of both organic growth and acquisitions to increase our presence in the gas heating and renewables sectors, and our acquisition of CorEnergy has proven to be a successful addition to our renewables expertise.
He added: “In a fragmented market, our defined strategy supports our ambitions to be a leading social housing energy services provider delivering projects that matter at the forefront of the UK energy transition.”
