With the share price now sitting at new 4 year highs, an Mkt Cap £81.38M @ZaksTradersCafe caught up with Bob Holt who gives an overview of the company’s past history and how they have transformed Sureserve Group performance.
Sureserve plc (formerly Lakehouse plc) is a UK-based asset and energy support services group. It was founded in 1988, with headquarters in Romford, London. In October 2018, it employed around 2,000 staff in 23 UK offices.
The group offered services in regeneration, compliance, energy services, and construction to the housing, education, public and commercial buildings sectors, with a focus on the UK public sector and regulated markets, before disposing of its property services and construction business in August 2018. This company, Lakehouse Contracts, subsequently went into administration and ceased trading in March 2019, owing £27m to 275 creditors
Today Sureserve Group PLC owes the banks no money and is a completely different business.
Since announcing our results for the first six months to 31 March 2020 on 27 May 2020, the Group has been awarded 21 new contracts with an annualised value of £16m, adding £40m to the order book. In anticipation of identifiable increased market opportunities, the bidding teams have been strengthened in both divisions. The order book is at a seasonal high.
The strong trading performance of the Group in the last 12 months has enabled the Board to consider a sustainable dividend policy, which is more than adequately covered by significant earnings per share and regular recurring cash flows. At the end of July 2020, the Group paid off all its borrowings and Sureserve continues to have a £25m RCF at its disposal, along with an overdraft to fund any significant growth ambitions in the future. The Group continues to show resilient growth in revenue, earnings and cash flows and looks forward to continuing its strong operational and financial performance during the rest of the financial year.
Chairman Bob Holt commented:
“Sureserve’s performance in challenging circumstances highlights not only the significant commitment of our workforce, who have performed impressively throughout the pandemic, but also the strong operational and financial platform we have established. The Group has been able to continue much of its work while adhering to strict government protocols and we’ve continued to provide the high-quality service we are known for. Sureserve’s strong cash position and newly strengthened bidding teams give us confidence in being able to make further progress in the order book this year and I look forward to bringing you further positive news in the future.”
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