Thinking Bigger,
Working Smarter
2024 saw resilient underlying demand for the Group’s essential reactive and planned services, resulting in record System sales in all key divisions, in challenging macroeconomic conditions in most key markets. Against this background, we focused on what we could control, maintaining a strong emphasis on cost management, supporting a creditable outturn for the year, with Adjusted EBITDA of £35.1m.
2024 Financial Highlights
£0m
System sales
+20%
2023: £350.1m
£0m
Revenue
+15%
2023: £121.0m
£0m
Adjusted EBITDA *
+16%
2023: £30.2m
£0m
Profit before tax
+86%
2023: £5.0m
0p
Adjusted basic earnings per share
+2%
2023: 8.39p
0p
Basic earnings share
+118%
2023: 1.73p
0p
Adjusted diluted earnings per share
+3%
2023: 8.29p
0p
Diluted earnings per share
+120%
2023: 1.70p
Financial Highlights 2024 (Continued)
0
Franchisees supported
0
Market-leading franchise brands
0
Countries across the UK, Europe and North America
£0m
Adjusted EBITDA *
+16%
2023: £30.2m
£0m
Net debt **
-13%
2023: £74.7m
0p
Dividend
+9%
2023: 2.20p
Operational Highlights
Resilient underlying demand for the Group’s essential reactive and planned services resulted in record System sales in all key divisions despite challenging macro economic conditions in most of our key markets.
A focus on factors within the Group’s control, including maintaining a strong emphasis on cost management, supported a creditable outturn for the year.
Launch of One Franchise Brands strategic initiative to accelerate the integration of the Group into a unified, connected business with the objective of enhancing sales, creating an efficient overhead structure and driving operational gearing.
Cash generative nature of our predominantly franchised business has allowed us to reduce Adjusted net debt from £74.7m to £65.1m.
Appointment of CEO (a new role) and separation of responsibilities with Executive Chairman. New appointments (including post year end) to strengthen the Group’s leadership team and Board.
Chairman’s Statement
Resilient performance
of our underlying business with record System sales
We achieved record System sales in all key divisions and a creditable Adjusted EBITDA outturn for the year, despite challenging macroeconomic conditions in many of our markets.
£35.1m
Adjusted EBITDA
Stephen Hemsley
Executive Chairman
CEO’s Operational Review
A creditable performance
despite macro challenges
I am pleased to be providing my first Operational Review since being appointed CEO in October 2024. The focus of my Operational Review is the business and financial performance, from System sales to Adjusted EBITDA.
Peter Molloy
CEO
Financial Review
A satisfactory performance
in challenging market conditions
Overall, Adjusted EBITDA* increased by 16% to £35.1m, primarily as a result of Pirtek’s full-year contribution in 2024.
Andrew Mallows
Chief Financial Officer
£35.1m
Adjusted EBITDA
£9.2m
Profit before tax
94%
Cash conversion
Working Responsibly
Working responsibly is imperative, and we are committed to doing what we can to contribute to a more sustainable future. Our focus is on developing a business that builds economic and social value and protects our environment in everything we do. Our goal is to create an inclusive, fair and rewarding environment where our colleagues and franchisees can thrive. We also want to have a positive impact on the communities in which we work and live, and operate to the highest standards of integrity, transparency and accountability.
Investment Case
We build
market-leading franchise businesses
We have a well positioned business, with a strong track record of growth, where the underlying demand for our reactive and planned services is highly resilient.
We have a small share of large, fragmented markets with significant opportunities for growth.
Our ambition is to build a market- leading international B2B multi- brand franchisor that generates its income equally from the UK, North America and Continental Europe.
Stephen Hemsley
Executive Chairman
Provider of essential reactive services
Provider of B2B van-based essential reactive and planned services, with resilient underlying demand. Diversification through seven market-leading franchise businesses in ten countries. Long-established brands with a successful trading history.
7
Franchise brands in 10 countries
Significant opportunities for growth
Small shares of large, fragmented markets with “manageable”competition. Our Maximum Potential Model shows the potential for System sales of £2.1bn for Pirtek, Metro Rod and Filta International compared to current System sales of £418m.
£2.1bn
The Group’s Maximum Potential Model
Experienced team, strong track record
Proven track record of successfully acquiring and growing businesses organically to unlock growth. Management team and Board are substantial shareholders, with a shareholding of over 30%.
>30%
Shareholding of Management & Board
Highly cash generative business
Capital light as franchisees make investments to expand their capacity and grow System sales. Cash generation supports deleveraging. Anticipate a net cash position in 2028 through internally-generated trading cash flow.
96%
Average cash conversion* 2022-2024
Operational gearing
Operational gearing is a significant driver of Adjusted EBITDA in franchise businesses. Accelerated by the continued consolidation of functions which are common to all businesses.
+41%
System Sales per head, Water & Waste Services division Support Centre, 2024
Progressive dividend policy
The cash generative nature of the business supports deleveraging and a progressive dividend policy.
9%
Dividend growth 2022-2024
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