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Sureserve Group Plc Annual Report 2020 Annual Report 2020 Report Annual Plc Group Sureserve

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Sureserve Group Plc Annual Report 2020 Annual Report 2020 Report Annual Plc Group Sureserve Sureserve Group plc Annual Report 2020 Sureserve Group plc Annual Report 2020 A successful platform for future growth COMMITTED TO MAKING A DIFFERENCE Committed to making a difference towards a sustainable future Response Focusing on the health, safety and welfare of our employees and those Find out more on pages 4 –5 in the communities which we serve. Resilience Identifying market opportunities to grow and investing significantly in the talent Find out more on pages 16 – 17 and expertise within the business. Growth Building significant market shares in both Compliance and Energy Services and Find out more on pages 32 – 33 ensuring long term growth. Who we are The Sureserve Group is a compliance and energy services group. We make a difference to people’s lives by delivering comprehensive and high quality services in a range of sustainable markets including social housing, public buildings, education, energy services and industrial and commercial buildings. Our Brands Find more online at www.sureservegroup.co.uk 2020 highlights Contents Strategic review Financial highlights Strategic review X Revenue from continuing operations: £195.7m 01 2020 highlights (2019: £212.1m, 7.7% reduction following 02 Sureserve at a glance significant Covid-19 impact) 06 Chairman’s statement 08 Market overview X Profit before tax from continuing operations: £7.8m (2019: £5.3m, 45.9% growth) 10 Business model 12 Our strategy X Earnings per share 4.0p (2019: 2.7p) 14 Key performance indicators X EPS excluding amortisation of acquisition 18 Operational review intangibles and share based payments of 4.9p 24 Financial review (2019: 4.4p) 28 Principal risks and uncertainties 34 Stakeholder engagement X Operating profit before exceptional items and 38 Sustainability amortisation of acquisition intangibles: £10.4m (2019: £9.4m, 11.2% growth despite revenue impact above) Governance X Year end net cash of £9.8m (pre-IFRS 16 and 44 Board of Directors deferred VAT payments) (2019 net debt: £7.4m) 46 Chairman’s corporate governance report 51 Board and Committee composition More details on pages 24 – 27 52 Nomination Committee report 53 Audit Committee report 55 Directors’ remuneration report 59 Directors’ report Operational highlights 62 Statement of Directors’ responsibilities X Compliance and Energy Services, well established, low risk divisions with good Financial statements visibility and operational leverage 63 Independent auditor’s report X Outstanding record of 128 contract wins 68 Consolidated statement of valued at £202.8m comprehensive income X Operating cash conversion from continuing 69 Consolidated statement of financial position operations of 126% (pre-IFRS 16) (2019: 106%). 70 Consolidated statement of changes Our adjusted operating cash flow, before the IFRS in equity 16 adjustment, was an inflow of £12.9m 71 Consolidated statement of cash flows (2019: £9.9m) 72 Notes to the consolidated Financial Statements X Implemented safety measures to ensure the wellbeing of our people and our clients’ customers 93 Company balance sheet 94 Company statement of changes in equity X The Group achieved carbon neutral operations 95 Notes to the Company within the period Financial Statements 100 Corporate directory More details on pages 18 – 23 Sureserve Group plc Annual Report 2020 01 Sureserve at a glance Providing essential services to homes, communities and businesses Our vision To be the supplier of choice to communities across the UK for their compliance and energy services, becoming market leaders through excellence in service delivery, innovation and customer service. Compliance Energy Services The Compliance division comprises services in The Energy Services division comprises the areas of gas, fire and electrical, water and air energy efficiency services, renewable hygiene and lifts. Services include planned and technologies and smart metering services. responsive maintenance, installation and repair. Key business drivers Key business drivers X Highly regulated markets X Fuel poverty X Client requirements for multiple service lines on a X Compliance with claims submission process national basis X Scheduling of manpower, especially in smart metering X Mix of work (service, maintenance and installation) X Responsiveness to market changes and opportunities X Seasonal influences in gas and lift markets X Client service X Reliability and performance of service X Understanding subsidy regimes X Productivity and manpower efficiency 69.4% 2020 revenue 30.6% 2020 revenue (2019: 61.8%) (2019: 38.2%) £137. 2m * £60.4m* (2019: £133.1m) (2019: £82.1m) 69Read about our Compliance+31+R businesses 31Read about our Energy+69R Services businesses on pages 20 – 21 on pages 22 –23 * Divisional revenue figures include revenue from intercompany trading which accounts for a total of £1.8m in 2020 and £3.1m in 2019. Sureserve Group plc 02 Annual Report 2020 OUR INVESTMENT CASE Strategic review Our key markets Our investment case is focused on delivering sustainable long term returns Social housing We have a wealth of experience, delivered over many and creating value for our stakeholders. years, providing asset management services to social housing clients, working with their residents and improving their communities. Differentiated through our service offering in tightly regulated sectors 1 Our focus on quality differentiation and Public buildings breadth of service attracts and retains core We work closely with our clients and partners to deliver a clients, positioning us for further growth in range of services to public buildings that fulfil the diverse what is a fragmented and regional market. needs of modern communities. Energy Experienced leadership A number of our specialist businesses work within the Our management team has widespread energy market delivering vital services to local and central and extensive experience in delivering 2 Government in Scotland and Wales, energy companies, successful results in our sectors, and has businesses, landlords and homeowners. developed a streamlined and effective organisational structure, strengthening our operations with an ongoing focus on Industrial and commercial operational efficiency and cost savings. We are perfectly positioned to deliver a range of market leading services to clients in the industrial and commercial sectors. Strong market positions Leadership positions in non-volatile 3 markets with recurring, predictable revenues, which in turn ensure long term sustainable growth. We hold long term contracts working with both the Scottish and Welsh Governments. Strong performance and Our locations operational excellence 4 Overall Group performance was pleasing against the background of Covid-19 and demonstrates the resilience of the business model and the quality of services delivered by our people. Growing geographical footprint We have built a Group that is focused on 5 delivering high quality services across the UK from regional offices using local workforces with continued expansion Number of employees of our activities. 2,162 Strong brands and established reputation Number of offices 6 For more than 30 years the Group has worked closely with clients, providing the services necessary for communities 22 to thrive. Read about our Compliance businesses on pages 20 – 21 Read about our Energy Services on pages 22 – 23 Sureserve Group plc Annual Report 2020 03 COMMITTED TO MAKING A DIFFERENCE Response Focusing on the health, safety and welfare of our employees and those in the communities which we serve. Keeping essential “ K&T Heating is committed to ensuring all customer works can be carried out in services running a safe and secure manner with the issue of Covid-19 kits issued to engineers to allow During the Covid-19 lockdown, the Group’s gas, water and them to attend customers with confirmed electrical service businesses were classed as Key Service Covid-19 symptoms and who require essential providers to critical sectors under the UK Government works to be carried out whilst isolating. This Guidelines, making those operational teams in effect ‘frontline evidenced the organisation’s commitment workers’. While a large number of people were working from to customers’ welfare.” home, central services and back office teams operated at NQA COVID SECURE optimum capacity throughout this period, delivering innovative Guideline Verification Audit Report and bespoke solutions in order to continue providing services in unprecedented circumstances. Gas compliance emergency Group-wide webinar Contract call-outs business-updates wins 154,172 89 £202.8m Keeping our people safe The wellbeing of our people has been at the forefront of our business activities this year, and we were quick to put in place vital resources and practices to ensure we were best placed to keep them safe. 1 2 3 4 5 Daily webinar briefings Comprehensive Significant investment Our Safety, Health, The Group’s from our Chairman and Covid-19 specific in the development Environment and Employee Assistance Chief Executive, Bob Risk Assessments and distribution of Quality (SHEQ) Program continued to Holt, allowing all and Safety protocols technology platforms teams worked with support our people employees across the were quickly put in to facilitate and businesses across providing 24-hour Group to access place and continue support new ways the Group to introduce telephone advice and business updates to be reviewed of working, including best practice and counselling on a wide and up to date accordingly in line home working for review processes in range of issues.
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