October 29, 2019 @ 17:17 by Richard Dawson
Utilities service provider, Fastflow Group, has announced strong financial results in the year to April 2019.
Turnover for the business, which maintains assets for utility and property companies across the North East, increased by a significant 40.2 per cent to £137.5 million, up from £98.1 million last year.
Profits were consistent at £10.3 million as compared to £10.4 million in 2017/18.
The group’s cash balances also increased from £10.6 million to £13.5 million, whilst borrowing decreased by £4 million as loan repayments were made.
The Washington-based firm puts the growth in turnover down to the addition of Partner Construction to the group in February last year.
Partner is a housebuilder that works to create homes for affordable rent across the UK.
Other key businesses within the group such as DW Support Services, Catalyst Housing Group and Notting Hill Genesis also reported a growth in turnover.
Fastflow Group deliver 80 per cent of Northumbrian Water Group’s clean water services and are also involved with one of the UK’s biggest utilities contracts, the HS2 rail link.
In June 2019, Fastflow Group merged with maintenance specialist United Living taking the combined turnover to £400 million and employing 1100 people across the UK.
Neil Armstrong, chief executive of Fastflow Group, 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.”