Final Results 2025

We are pleased to announce the financial results for United Living Group for the year ended 31 March 2025.

Following the investment by Apollo-managed funds into the Group in August 2023, the Group is consolidated at the level of “UL Intermediate I Ltd”, as the ultimate holding company in the UK. The audited consolidated financial statements reflect the performance of the Group for the period to 31 March 2025.

Financial summary

• Revenues increased 14.5% to £718 million (2024: £627.2 million)
• Adjusted EBITDA increased by 33.4% to £68.5 million (2024: £51.4 million)
• Cash profit before tax increased to £38.5 million (2024: £29.4 million)*
• Gross cash held at year end remained strong at £70.2 million (2024: £52.0 million)
• New contracts worth £920 million were secured during the period
• Secured order book of £3.2 billion as of 31 March 2025
• Revenues and Adjusted EBITDA including the full year impact of acquisitions made during the course of the year would have been £766m and £74.7m respectively

*This measure is Adjusted EBITDA less exceptional costs, interest and tax, adjusted for interest accrued on shareholder loans, and excluding Amortisation of Goodwill created through the acquisitive nature of the Group, as both are non-cash items.

Operational highlights

• Awarded £250 million contract to deliver CO₂ pipeline for Liverpool Bay CCS for CO2 Transportation and Storage in the UK
• Project supports UK net zero targets through critical carbon capture infrastructure
• Significant investment in North West and North Wales communities

Other key contracts secured during the period included:

• £150 million United Utilities ten-year Framework
• Southern Water AMP8 Capital Infrastructure Framework
• £40 million London Borough of Harrow property repairs and maintenance
• £36 million SNG (Sovereign Networks Group) responsive repairs and voids across London and the South of England

Acquisitions

• June 2025 – Majority stake in Glenelly Infrastructure Solutions, a specialist in power distribution
• May 2025 – Peter Duffy Ltd, a civil engineering contractor specialising in water infrastructure
• March 2025 – Jones, a leading power distribution and street lighting contractor
• October 2024 – PiLON, a leading property services business operating in the social housing sector
• June 2024 – Majority stake in both GTEC Training Limited, a leading training specialist, and Thormer Solutions Limited, developer of Heatly, a digital tool that makes heat pump system design, surveying and installation easier
• April 2024 – AFECO, a leading independent specialist engineering services and solutions company focused on the water, marine and energy sectors

Neil Armstrong, Chairman and CEO of United Living Group commented:

“We are pleased to announce another record financial result for United Living Group, ending the year with a robust cash position and a significant forward order book that reflects sustained growth across our business.

“Our sectors continue to benefit from powerful long-term drivers from critical infrastructure investment linked to decarbonisation, resilience, digital connectivity and demand for safe, sustainable living environments. These trends are creating increasing demand for the services United Living is well placed to deliver.

“Since the Apollo Impact’s investment in August 2023, we have accelerated our strategy by making six strategic acquisitions, with two post-period-end, that strengthen our expertise and broaden our capabilities across critical markets, including power distribution, water infrastructure, engineering services, and digital solutions for net zero.

“United Living’s diverse and resilient platform means the Group is well positioned to drive continued organic growth and deliver further value through targeted acquisitions, supporting the UK’s essential critical infrastructure.”