Avove Ltd, a leading provider of infrastructure services and engineering, is reporting significant operational and financial progress, a strong net cash position and continued growth with the publication of its annual results for the year ended 31 December 2024.
The independent utilities infrastructure business is reporting its third successive year of significant progress as a standalone business. Revenues rose 23.7% to £216.1 million ( £174.7m 2023), operating profit rose 58.2% to £12.5 million ( £7.9m 2023) and profit before tax rose 60.9% to £13.2 million (£8.2m 2023).
Avove said the strong revenue growth was driven by exceptional operational delivery - during the year the company saw a strengthened order book and contract acquisitions.
The infrastructure business employs over 800 people to deliver utility services in the water, power, telecoms and design markets. Avove’s clients include Severn Trent, United Utilities, Yorkshire Water, Northumbrian Water Group, Scottish Water, Northern Powergrid and SP Energy Networks.
Commenting on the results, Avove’s Executive Chair, Mark Perkins, said:
“We have continued to make significant operational and financial progress for the third successive year since becoming a standalone business. We have again delivered increased revenue and profitable, cash-backed, growth. We continued to grow the order book, which provides us with good multi-year visibility of activity and development. Our strong cash performance has allowed us to continue to invest in our people, systems and specialist areas of plant. I am particularly pleased with the progress we have made in developing the Avove brand and culture – we have a highly engaged, ambitious and restless team that is looking to find improvements in everything that they touch.
"That ambition has manifested itself with some spectacular operational delivery results on behalf of our clients, and I am confident that we can continue to build on this momentum into the future. In addition, we have been able to leave a positive imprint on the communities in which we operate, both from an environmental and a positive social impact perspective. We remain committed to delivering our long-term sustainable growth plan, which will benefit all of our stakeholders.”
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