M Group posts record £3.1bn revenue & £10.4bn order book

M Group has reported record annual revenue, profit and order book in its full-year results, the first since it brought nearly 20 legacy brands together under one name.

Revenue rose 23% to £3.1 billion in the year to the end of March, while EBITDA before exceptional and non-recurring items increased to £217.6 million from £155.5 million. EBITDA margin improved to 7.1% from 6.2%, and the order book grew 18% year on year to £10.4 billion.

During the year, the infrastructure services group completed three acquisitions, buying Telent, Cyro Cyber and Aran. It said the deals expanded its work in data insights, digital services and cyber security, while extending the range of services it can offer across energy, water, transport, technology, communications, defence, industrial and public sector markets.

M Group secured more than 100 contract wins and renewals during the year and said its existing order book already covers more than 70% of expected turnover for the next financial year.

The business has been reshaping itself since a rebrand that combined numerous long-established companies under a single identity. The move is intended to present one group to clients while broadening its work beyond traditional infrastructure activity.

Growth strategy

M Group aims to serve clients across the full asset lifecycle, from design and delivery to maintenance, renewal, operation, security and assurance. Its average client relationship now lasts 19 years, underlining the importance of repeat business in markets that depend on long-term contracts.

The latest figures suggest acquisition-led expansion has become central to that plan. The addition of Telent, Cyro Cyber and Aran follows earlier moves including BGEN, which the group cited as part of a wider effort to deepen its technical and specialist capabilities.

Andrew Findlay, Chief Executive Officer of M Group, described the results as evidence of operational and commercial progress across the business.

"This is an exceptionally strong set of results, demonstrating the progress we are making in growing and transforming the business, and delivering for our clients. With more than 300 locations across the UK, I am proud of the work our 14,000 people have completed for our clients, solving their most complex strategic challenges and demonstrating our status as a solutions provider across the full asset lifecycle," said Findlay.

"A highlight of the year has been the continued successful integration of new businesses, adding significant additional capabilities to M Group and allowing us to provide a greater range of services to our clients. BGEN provides highly technical engineering solutions, Telent has added significant technological expertise, and Cyro Cyber gives us a leading cyber security business to protect our clients' worlds. Together with our greatest asset, our people, and our strong investor backing, these capabilities mean we are well placed to continue the rapid growth and progress we've already seen."

Broader offer

The business operates from more than 300 locations across the UK and employs more than 14,000 people. Its work spans water, energy, transport, technology and communications, and defence and industrial services for private- and public-sector customers.

By combining engineering and maintenance with newer digital and cyber capabilities, M Group is positioning itself to capture a larger share of infrastructure spending. It said the acquisitions have materially expanded its offer to clients that need support across both physical assets and connected systems.

The enlarged order book is likely to be closely watched because it provides a forward view of revenues in sectors where projects often run for several years. A secured pipeline covering more than 70% of expected turnover for the coming year provides the group with visibility at a time when public and regulated infrastructure spending remains a major source of demand.

Safety and sustainability

Alongside the financial results, M Group said it won several RoSPA awards for safety leadership. It also reported progress in cutting its environmental impact, including a broader shift in its vehicle fleet towards electric models.

Carbon intensity, measured as emissions per million pounds of turnover, fell by nearly 19% over the year, according to the company. M Group also received a Bronze rating from EcoVadis, improving on its previous Committed status.

The results mark the first full reporting year since the group consolidated nearly 20 historic brands into a single business under the M Group name, with revenue of £3.1 billion, EBITDA of £217.6 million and an order book of £10.4 billion.