Social housing energy contractor reports increased revenue and profit

Sureserve’s revenue increased by 27% to £275.1m for the year, up from £216.6m in 2021.

The latest accounts show that profit before tax increased by 55.8% to £6.7m compared to £4.3m the first half of 2022. 

The group also said its order book increased by 10.9% to £567.7m, up from £512.1m in 2022. 

It reported 44 contract wins valued at £93.2m in the first half of the year, down from £101.2m. 

The group said its order book “provides good visibility of revenue streams” with 98% of the 2023 fiscal year expected revenue covered by it. 

The group reported growth in all its businesses, “notably” Aaron Services, Everwarm and Providor, which are all up more than 28% on last year. 

Peter Smith, chief executive of Sureserve, said it was “particularly pleasing” to see Providor, which installs smart meters, “performing so well this year, after a difficult first half of last year when we made investments in training”. 

“A move to a hybrid model, employing both our own engineers and sub-contractors, has proved successful for Providor and the business has performed strongly as a result,” he said. 

Everwarm won a retrofit programme for Pobl Group for £14.1m, and a regeneration project for Osprey Housing valued at £1.9m. 

CorEnergy, which Sureserve acquired in 2021, also saw a number of wins, including £4m lighting and heat decarbonisation works for ACC Group and Liverpool City Council.

The group’s gas businesses had a number of wins, including a gas servicing, maintenance and installation contract with Great Places worth around £19m over a five-year period. 

Mr Smith said: “The group’s half-year performance endorses the operational expertise across the group and the resilience of the business model, which is supported by non-discretionary, regulatory-led spend alongside the government’s continued emphasis on a net zero target for carbon emissions by 2050 with current legislation supporting this target.”