18th Jun 2019 11:21
(Alliance News) - Marlowe PLC on Tuesday said it swung to a profit in its most recent financial year through a combination of organic growth, new acquisitions, and the full-year impact from acquisitions the year before.
Marlowe, which provides inspection, testing and compliance services to commercial properties posted a GBP2.0 million pretax profit for its year ended March 31, swinging from a GBP400,000 loss the year before.
Revenue jumped 59% to GBP128.5 million from GBP80.6 million supported by organic growth and acquisitions both in financial 2019 and financial 2018.
For example, revenue from Marlowe's Water Treatment & Air Quality division more than doubled to GBP62.2 million from GBP28.8 million with the help of a GBP13 million contribution from Suez Water Conditioning Services, acquired in August 2018.
Marlowe Chief Executive Alex Dacre said: "Marlowe's defensive qualities, strong channel to market, organic growth momentum and potential to accelerate growth through targeted M&A strongly position us to continue to gain further market share across all our business streams and to create sustainable shareholder value.
"The current year's trading has started in line with our expectations and we look forward to making further progress during the year."
Shares in Marlowe were up 1.9% at 426.00 pence on Tuesday morning.
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