11th Oct 2022 11:04
(Alliance News) - Sureserve Group PLC on Tuesday said it expects its full-year results for financial 2022 to be in line with management expectations, as it order book climbs 16% year-on-year.
The energy services firm expects revenue, earnings and cash flow in its financial year that ended September 30 to be in line with management expectations.
It said that this reflects a "solid" operating performance despite inflationary pressures. The company added that it remains confident that it will be able to continue to offset price increases going forward.
The company's order book at September 30 stood at GBP585 million, up 16% from GBP503 million year-on-year.
Net cash also improved to over GBP23 million from GBP16.5 million at the end of September last year. Its GBP15 million revolving credit facility remains undrawn.
Further the company said that its two businesses, Sureserve Fire & Electrical Ltd and Precision Lift Services Ltd, are still up for sale.
"Both businesses are performing well, thereby providing the opportunity to achieve the right price and the right buyer for each business," it added.
Sureserve plans to publish its full-year results on January 24.
Chief Executive Peter Smith said: "The results for the year confirm a good trading performance and demonstrate Sureserve's resilient business model, which is to provide energy services to the Social Housing sector. Our GBP585 order book provides good visibility of future earnings and our strong cash generation sets us up well to deliver on our growth targets."
Shares in Sureserve were down 2.5% to 78.00 pence each in London on Tuesday morning.
By Sophie Rose; [email protected]
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