DW Support Services, which operates on the Isle of Wight, has contributed significantly to the growth of Fastflow Group.
Fastflow Group, a provider of essential services to the utilities and property sectors, has announced strong annual financial results to April 2019.
Turnover for 2018-2019 increased significantly by 40.2% to £137.5million against £98.1million in the previous year. Profits (EBITDA) remained consistent at £10.3million (£10.4million in 2017/18). The group’s cash balances also increased from £10.6million to £13.5million, whilst bank borrowings decreased by £4million, as loan repayments were made.
The growth in turnover was underpinned mainly by the addition of Partner Construction (Partner) to the group in February 2018. Partner works with registered housing providers, creating homes for affordable rent across the UK.
Property maintenance division DW Support Services also grew turnover, securing new work with Catalyst Housing Group, covering all aspects of property maintenance, as well as Notting Hill Genesis and Red Kite for empty homes refurbishment.
Additional support for key client, Northumbrian Water, increased the revenues at Fastflow Pipeline Services, the clean water industry specialist.
Neil Armstrong, Chief Executive of Fastflow Group and the merged business, said:
“In line with our strategy, we continue to experience a healthy blend of acquisitional and organic growth. The hard work and commitment of our people across all our businesses made 2018/19 another successful one for Fastflow Group, providing us with a sound platform to further support the owners and operators of essential water, energy and housing assets. The enlarged group will provide more opportunities for further progress.”
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