United Living eyes acquisitions after strong profit and revenue growth

Swanley-based United Living Group weathered inflationary cost pressures to deliver strong revenue and profit growth last year.

The firm, which was acquired by private equity giant Apollo last August, is on the acquisition trail after reporting revenue up 22% to £534m in the year to March 2023.

This growth helped the housing to utility infrastructure services specialist treble cash profit before tax to £29m from £9m in 2022.

United Living ended the year with net cash flow generated by operating activities at £27m and a secured order book of £3bn.

Neil Armstrong, chairman and CEO, said: “United Living has an exciting future and is well positioned to continue its strong organic growth and drive further value through suitable strategic acquisitions.

“With Apollo’s resources and strong experience investing in infrastructure and social housing markets, we believe that our new alliance can allow the group to expand and develop its infrastructure, property services, new homes, and telecoms businesses.”

He added that the business was now eyeing a healthy £11bn of pipeline opportunities in its target growth sectors.

“The four pillars of United Living’s business are experiencing tailwinds in the well-established infrastructure, telecoms and property sectors.

“There are many growth opportunities available in the infrastructure sector due to network upgrades, AMP8 in the water sector and new infrastructure required for hydrogen and carbon capture utilisation and storage and the related decarbonisation of heat.

“New property regulatory requirements are leading local authorities to require more 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.

“Additionally, with the rollout of 5G across the UK, we have also seen a high demand for our telecoms services.”

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