M Group joins top seven as revenue jumps to £2.2bn

Aaron Morby 6 months ago
Share

Private equity-owned infrastructure services specialist M Group Services has joined the ranks of the industry’s top seven contractors after raising revenue 22% to £2.2bn.

The firm, which was originally spun out of Anglian Water for £135m in 2008 as Morrison Utility Services, delivered strong growth in its target water, energy, highways and telecoms sectors.

It now boasts a client list in prized regulated markets for Thames Water, Yorkshire Water, Welsh Water, National Grid, Network Rail, Heathrow Airport, EON, British Gas, EDF, Openreach and Virgin Media.

Strong trading saw EBITDA before exceptionals climb to £120m in the year to April 2024 (2023: £105m). This saw a group-wide operating margin of around 5.9%.

Part of this year’s growth was driven by the acquisition of decarbonisation specialist Agility Eco for £59m in late December 2023.

Much of M Group’s growth in recent years has been driven by a series of private equity owners.

Since a management team backed by private investors bought Morrison Utility Services from Anglian Water it has passed through three private equity owners.

The most recent ownership change to CVC Capital Partners was signed off in September in a deal rumoured to be worth around £1bn.

At year-end, M Group’s order book stood at £6.4bn(2023: £6.9bn) representing 80% of this year’s 2025 turnover. M Group had cash and cash equivalents of £105m (2023: £111m).

It now employs over 11,500 staff from over 235 locations across the UK and Ireland.

Chief executive officer Andrew Findlay said: “The resilient sectors in which we operate, the nature of the essential services that we provide to critical national infrastructure, our strong long-term order book with blue-chip clients provide a solid platform to further develop the group.

“In addition, we continue to seek strategic acquisitions to augment our existing organic opportunities, add deeper capabilities to the group, and expand our addressable markets.”

 

Latest news

Four jailed after Keltbray corruption trial

Jail sentences following probe into jobs including Battersea Power Station
8 hours ago

Leeds United unveil stadium revamp design

Club has still to set a timeframe for staged Elland Road upgrade
6 hours ago

Bowmer & Kirkland boosts margins as profits surge to £69m

Revenue nudges up towards £1.3bn in year of expansion
22 hours ago

Offshore construction starts on £4bn windfarm

Foundations for first of 95 turbines installed: Watch video
21 hours ago

AECOM buys civils consultant Allen Gordon

Global giant acquires Scottish water and energy specialist
21 hours ago

Plans in for £1bn Northern Gateway site in Manchester

Plan for 500-acre manufacturing and logistic park advance
21 hours ago

RED wins £31m London Shoreditch student digs job

Two extra floors will be added to Willen House scheme
22 hours ago

Deconstruct handed £12m Grenfell demolition

Firm maintaining building awarded job without bid race to speed process
22 hours ago

Sizewell site workers get made to measure PPE

Bespoke fitting service on offer at new Bryson branch
22 hours ago

Comment: Gateway is acting like a barricade

Contractors left banging their heads on an (unbuilt) brick wall
4 days ago

Final phase of £1.5bn Elephant and Castle revamp hits planning

Get Living submits revised plan for 500 homes and 450-bed student block
5 days ago

Ealing backs final phase of £1.3bn estate rebuild

Friary Park estate rebuild in Acton reaches end stage
4 days ago

Green light for scaled-down Nottingham student tower

Glasshouse Street scheme will deliver 247 student rooms
4 days ago

Aston Villa to revamp North Stand

Club to reuse existing structure rather than complete rebuild
5 days ago

Mace signs ex-ISG director to lead Euro health and tech push

Gary Sweeney to head up healthcare and life sciences consultancy arm
4 days ago

Sir Robert McAlpine claws way back into profit

Firm says return to profit and strong cash balance validates new strategy
5 days ago

Severfield to cut staff by 6% amid pricing pressure

Steelwork contractor warns of extended tighter pricing due to project delays
5 days ago

JRL completes sale of 50% stake to Malaysian giant IJM

Deal boosts balance sheet and kicks starts growth plan
5 days ago

Green light for £100m Liverpool Baltic station build

Enabling highway works to start in the autumn
6 days ago

First live tests for flying construction robots

Drones can lay construction materials at height on site
5 days ago

Three firms land £170m Gentoo Sunderland housing deal

PHS Solutions, Esh and RE:GEN to deliver 10-year home upgrade plan
6 days ago

Gateway gridlock hits build-to-rent delivery as starts nosedive

Build to rent starts plunge 18% in the capital
6 days ago

Call to shift Gateway 2 checks to end building bottleneck

"The current system isn't working but we all want to see safe buildings"
6 days ago

GBN launches £600m bid race for SMR engineer roles

Owner engineers to provide technical and assurance services
6 days ago

Wates hires ex-Homes England chief to head public sector push

Robert Stone to spearhead its public sector and national frameworks strategy
6 days ago

Acheson Construction collapse costs suppliers £8.5m

One frustrated creditor seized a telehandler after contractor went into administration
7 days ago

Dominus wins go-ahead for 173-bed Glasgow scheme

Old Wynd Street job expected to cost around £25m to build
7 days ago

Safety Regulator misses deadline to clear Gateway 2 backlog

Investors pulling out of funding high rise buildings
7 days ago

CITB still sitting on £95m cash pile

Staff numbers jump from 666 to 763 as training body wage bill soars
7 days ago

£500m road surfacing framework market call

NEPO goes out to consultation on north east regional highways deal
7 days ago

Contractor services