Final Results 2024

United Living Group (the “Group”), the provider of critical national infrastructure services, across the UK’s energy, water, telecoms and social infrastructure, is pleased to announce its financial results for the Group for the year ended 31 March 2024.

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 eight-month period to March 2024. The United Living Group, however, has traded for the full year to 31 March 2024, and these figures are shown in the financial summary below.

Financial summary

• Revenues increased 17% to £627.2 million (2023: £534.2 million)
• Adjusted EBITDA increased by 34% to £53.2 million (2023: £39.7 million)
• Cash profit before tax increased to £31.0 million (2023: £28.6 million)*
• Gross cash held at year end remained strong at £52.0 million (2023: £55.8 million)
• New contracts worth £900 million were secured during the period across all four business pillars
• Secured order book of £3.4 billion as of 31 March 2024

*This measure is PBT adjusted for the following two non-cash items:

1) Interest accrued on shareholder loans.

2) Amortisation of Goodwill created through the acquisitive nature of the Group.

Operational highlights

•  Investment by funds managed by global asset management firm Apollo in August 2023.
• Key contracts secured during the period included:

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 end

•  Acquisition of AFECO, a leading independent specialist engineering services and solutions company focused on the water, marine and energy sectors in April 2024.
• Acquisition of a 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 in June 2024.
• Acquisition of PiLON, a leading property services business operating in the social housing sector, in October 2024.

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

“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.

“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.”