Sureserve - HY Results - May 2022
Sureserve has released was a solid interim report, with 24% revenue growth and 41.7% EBITA growth driven by multiple parts of the business, including a good performance from recently acquired CorEnergy. The only slight concern we note is pricing of labour, materials, and energy – though it's worth noting that Sureserve's business isn't directly impacted gas wholesale prices as it's an energy agnostic supplier of heating equipment and maintenance, amongst other things.The outlook is promising, with growth underpinned by a significantly larger order book from blue chip clients, which now exceeds £500m, mostly in FY23 and beyond - although 96% of management's expected revenue for FY22 is now covered. This is testament to the revenue visibility of this high-quality business.
Lakehouse is an asset and energy support services group. Co.'s segments include: Compliance, which comprises planned and responsive maintenance, installation and repair services to local authority and housing association clients in the areas of gas, fire and electrical, water and air hygiene and lifts; Energy Services, which provides energy efficiency measures to social housing and private homes, including insulation, heating systems and renewable technologies; Property Services, which provides planned and responsive maintenance and project works for social housing; and Construction, which provides refurbishment and small to medium-sized public building works, for local authority clients.
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