For the year to 30th April 2024 OCU Group turned over £610.6m (2023: £454.5m).
It made an operating profit of £12.6m (2023: £23.7m) but after nearly £44m of finance costs, the pre-tax loss for the year was £32.9m (2023: £5.3m profit).
The turnover growth was helped by five acquisitions made during the year, as well as organic growth.
OCU Group has now nearly trebled its turnover in just three years, up from £220m in the 2021 financial year.
OCU was founded by 1994 by brothers Tim and Tom O’Connor as O’Conner Utilities Group. They sold it to private equity firm Triton Partners in August 2022.
The directors seem unperturbed by the losses in the accounts.
Chief financial officer David Snowball said: “OCU continues to make excellent progress towards our strategic objectives, delivering record revenue growth and consistent margins in the year, all underpinned by our drive for operational excellence and the significant investments we are making. Our financial performance this year, with an adjusted operating profit of £58.4m, an increase of 13.2%, is a clear indicator of our operational and financial robustness.”
Chief executive Michael Hughes said: “OCU continued to evolve at pace during the year – through thoughtful and strategic acquisitions and innovative organic initiatives, all driven by an exceptional team across the country. As we leave the year, we stand even better placed to secure the opportunities that the tailwinds in our end markets present.”
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