Tue, 05 Mar 2024 | BUSINESS NEWS
RSK Group, a Cheshire-headquartered environmental services group, has seen its turnover rise above £1 billion for the first time in its results for the period from April 4 2022 to April 2 2023. RSK Group has established itself as one of the main consolidators in a period of significant M&A activity in the environmental services sector.
Its latest accounts show that turnover increased 53.3 per cent to £1.22 billion, while EBITDA rose from £59.4 million to £83.4 million. The group’s losses, however, widened from £42.7 million to £84.4 million, which the company attributed to investments made during the year, reporting that it had a strong cash position at the end of the financial year, with £103.6 million in the bank.
The group said that the results "did not tell the full story of the shape of the group today", as a result of the number of acquisitions it had completed during the period. Proforma figures for the end of the financial year show turnover rising from £939.6 million to £1.43 billion and adjusted EBITDA of £116.4 million, up from £75.4 million.
As a result of its organic and inorganic growth, RSK Group now comprises over 200 companies in 40 countries and six continents, working with more than 8,000 and with a staff headcount that exceeds 15,000. The group, which is employee-owned, said that the latest results showed its “exceptional strength”.
Alan Ryder, founder and CEO of RSK Group, commented: “RSK has become a global leader in the delivery of sustainable solutions, and as we continue to grow, we will further strengthen this position, working with our clients to tackle some of the most pressing global issues.”
"Last year, we shared our 2030 global growth strategy to showcase how we would transform the business into a global sustainability leader delivering over £5bn revenue annually, and we haven’t wasted any time progressing this plan and delivering on our strategic aims.”
Ryder said that the group has “successfully capitalised on strong market tailwinds” with strong organic growth and that, with the backing of senior debt partner Ares, the company had surpassed its acquisition targets for the year.
Ryder continued: “We have made a conscious decision to pursue a strategy centred around growth and diversification and remain confident that this is the best path for us.”
"We have continued to invest heavily in the business and, as a result, recorded a pre-tax loss of £80.6m for the period, which was expected and in line with our business plan.”
Ryder added that building a business “with a significant amount of debt” meant that such results were unsurprising and that the group’s strength was demonstrated by its balance sheet and cash position, concluding that “while we are a fast growing business, we are also a strong, healthy and resilient one."
Read more about M&A trends in the environmental and sustainability services sector, including an in-depth look at some of RSK's recent activity
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