RSK revenue nears £2bn as losses soar to £132m

Aaron Morby 1 month ago
Share

Acquisition-hungry consultancy and construction services group RSK reported deeper pre-tax losses of £132m for the year ending March 2024, compared to a loss of £90m in the previous year.

Founder Alan Ryder says RSK is planning more bolt-on acquisitions this year despite debt passing £1bn
Founder Alan Ryder says RSK is planning more bolt-on acquisitions this year despite debt passing £1bn

Despite this RSK’s debt-fuelled expansion drove a 52% increase in revenue, reaching £1.9bn.

Before interest payments on loans totalling £143m, the group returned a small operating profit of £8m improved from a £14m loss in 2023.

Cash generated from operations increased to £95m. This was supported by an increase in borrowings of £284m to fund acquisition projects, which pushed net debt just above £1bn (2023 restated: £739m).

Following the close of the financial year, RSK secured a £500m funding injection from a consortium led by investors Searchlight, Ares and Penta Capital.

Also Ares committed an additional £300m debt facility, bringing total available debt facilities provided by Ares to £1.1bn.

Founder and chief executive Alan Ryder said: “The next financial year will be another year of very significant growth.

“High levels of organic growth will be achieved as we capitalise on the strong market conditions and drive revenue synergies across the group.

“Alongside this, RSK will continue to execute its acquisition strategy, bringing specialised businesses into the Group to further develop our end-to-end sustainable solutions offering in the core markets of water, energy, infrastructure and the built and natural environment.”

RSK anticipates that, through both organic and inorganic growth, it will employ over 40,000 individuals and generate revenue exceeding £5bn, with EBITDA projected to surpass £500m by the end of the decade.

Founded in 1989, RSK’s portfolio consists of a diverse array of firms that provide tailored environmental consulting and engineering solutions across the water, energy, construction, and infrastructure sectors.

Turnover growth timeline


  • 2000: Turnover £5m
  • 2010: Revenue reaches £61m; pre-tax loss £2.2m
  • 2018:  revenue doubles to £147m; pre-tax loss £9.3m
  • 2021: Doubles again amid Covid  to £350m; pre-tax loss £19m
  • 2022: Revenue £796m; reported pre-tax loss £38m
  • 2023: Revenue hits £1.22bn; pre-tax losses doubled to £87m
  • 2024: Revenue £1.86bn; pretax loss £132m
  • 2024: £500m funding secured, debt facility raised to £1.1bn

Latest news

Fall in office and housing activity dents industry output

Confidence fragile after 0.2% dip in output for second month
23 hours ago

Cat deal sees Flannery plant investment top £100m this year

Leading plant hirer continues to invest in fleet
21 hours ago

Lendlease OK’d to start Birmingham’s £1.9bn Smithfield scheme

First phase of 400 build to rent homes at Manor Square approved
24 hours ago

Fresh plan for £170m Newcastle resi tower and hotel

Gainford Group scales down New Bridge Street scheme to 29 storeys
24 hours ago

Berkeley warns over-regulation a drag on planning reform gains

House builder joins calls for urgent Gateway 2 building safety regulator reform
23 hours ago

Mace confirmed for £140m Gatwick Airport Pier 6 extension

Contractor PJ Hegarty has started enabling works in middle of busy airport
2 days ago

Cost of M3 upgrade soars by £70m

Budget for VolkerFitzpatrick/Balfour Beatty road job jumps to £280m
1 day ago

Graham takes on ISG £45m Coventry cultural hub job

Firm will start conversion work in the Spring on former IKEA store
2 days ago

Alun Griffiths to “restructure and resize” after £95m loss

Redundancies due to be announced at Welsh civils contractor
3 days ago

Fire safety project approval delays hit Van Elle profits

Piling specialist also reviews future of Canadian operation amid fresh economic uncertainty
2 days ago

JRL Malaysian backers plan £150m London city office refurb

Ardmore set to deliver landmark 25 Finsbury Circus building overhaul
2 days ago

500-home block to replace 19 storey Sutton office tower

Landmark project to deliver 312 Build to rent and 195 co-living homes
2 days ago

Building envelope specialist Bailey buys Comar

Specialist now offers complete building envelope solutions
2 days ago

Subcontractors wanted for work across Wales

Big name buyers at latest Constructionline event: Register now
2 days ago

Balfour Beatty profit dented by £83m building safety hit

Increased order book at £18bn secures growth over next two years
3 days ago

Expanding utilities specialist Ipsum buys Matrix Power

Power engineering contractor takeover will strengthen offer in North East
3 days ago

Historic scaffolding firm files administration notice

Hertfordshire based Rodells has been trading since 1898
3 days ago

Planning Bill to have “seismic” impact on construction

Building-boosting reforms go before Parliament
4 days ago

Briggs & Forrester hits record revenue and orders

M&E specialist rebounds with strong growth across three divisions
3 days ago

Man Utd confirm plan for £2bn ‘super-tent’ stadium

Club to press ahead with 100,000-seat 'Wembley of the North'
4 days ago

Government spending keeps profits edging-up at Kier

91% of work now with public sector and regulated companies
4 days ago

Costain on track for step change to 5% margin

Alex Vaughan says order book has jumped £1.5bn to £5.4bn
4 days ago

Mace tops February contracts league

Confirmation of £300m London Victoria Street project lifts firm to pole position
4 days ago

Wates raids Laing O’Rourke for new construction operations chief

George Mosey leaves Laing O'Rourke after 16 years
5 days ago

Travis Perkins CEO Pete Redfern steps down due to ill health

Redfern joined builders' merchant last year after 14 years at Taylor Wimpey
5 days ago

Morgan Sindall wins £61m Liverpool lab scheme

Construction to start this Autumn on latest Knowledge Quarter project
4 days ago

Glencar to build timber-framed office block

Work to start next month on 79,200 sq ft scheme in Maidenhead
5 days ago

Shed specialist Marbank files administration notice

£67m turnover portal-framed building specialist files court notice
5 days ago

Birmingham council submits £1bn Druids Heath plan

High rise estate to be replaced by-3,500 home eco village
5 days ago

Cannabis farm gang posed as utilities contractor

Gang jailed for 28 years after diverting power to more than 100 cannabis farms
1 week ago

Contractor services