4th Dec 2018 12:54
LONDON (Alliance News) - Marlowe PLC on Tuesday said profit increased significantly in the first half of its current financial year, boosted by acquisitions.
The support services company said pretax profit in the six months to September 30 rose by 26% to GBP700,000 from GBP500,000 reported for the same period a year ago, as revenue jumped 57% to GBP56.4 million from GBP36.0 million.
In the Fire & Security division, the company said revenue improved to GBP29.9 million from GBP26.1 million year-on-year, including the contribution from the recently acquired Flamefast Fire Systems and Island Fire Protection businesses.
The company said it now has 12 operating businesses in this division.
Marlowe intends to continued to invest in the development of its nationwide operating platform and engineering teams to enhance standards of service and boost further growth in Fire & Security.
Meanwhile, in the Water & Air unit, revenue almost tripled to GBP26.5 million from GBP9.9 million reported a year earlier, thanks to the good organic growth and acquisitions of Suez WCS and Kingfisher Environmental.
"The second half of the year has started well and, taking into account good trading across our divisions supplemented by the positive contribution of recent acquisitions, we expect to deliver a full year performance ahead of current market expectations," said Chief Executive Alex Dacre.
Marlowe shares were trading 5.3% higher on Tuesday at 435.00 pence each.
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