Landmark year for Connaught
October 16th 2007
Connaught, one of the UK’s market leading providers of integrated asset management services to the public and private sector, today announces its preliminary results for the year ended 31 August 2007. The Group has delivered a record set of results with unprecedented revenue and profit growth in Social Housing and Compliance services.
Connaught has over 120 partnerships with registered social landlords and local authorities nationwide. The Group’s order book now stands at £2.1bn and revenues are up by 32% to £396m. It has boosted its offering in both divisions through earnings enhancing acquisitions.
Recent acquisitions include the proposed acquisition of National Britannia Holdings Limited in September for £91million, with the anticipated completion date 22 October 2007. National Britannia is the leading specialist provider of multiple “white collar” health and safety compliance services, and is an excellent fit with Connaught’s existing “blue collar” compliance business.
Today Connaught announces further expansion of its blue collar compliance activities with the acquisition of Water Technology Limited (“Watertech”), a water hygiene and treatment business, for £9.1m. The addition of Watertech establishes a comprehensive, national, water compliance service.
Mark Tincknell, Chairman, said:
“This is a further set of record results in what has been a landmark year for the Group. Within Social Housing our strong organic growth throughout the year has been supplemented by some exciting acquisitions, which have broadened Connaught’s range of long term asset management services. Meanwhile, our Compliance division has been transformed through the acquisition of National Britannia. Connaught is now the market leader of both ‘white collar’ and ‘blue collar’ compliance services.
“We look to the future with great excitement. We now have a market leading position in two fragmented and highly attractive markets and are well positioned for continued strong growth, both organically and through acquisitions. Connaught’s investment has laid the foundations for the creation of a much larger business. The forward momentum is unprecedented in the Group’s history.”