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United Living Group released strong results for the 2015/16 financial year, the group’s first full year of operation as a merged business.
An EBITDA of £5 million was returned by the Group, which is a threefold increase against the previous year on a like for like basis. EBITDA as a percentage of revenue rose from 1.8% to 2.3% over the same period, with turnover at £220m. Cash balances rose from £4.5m to £10.4m.
These results are based on efficiencies driven out of the merged businesses, investment in people and its strong and developing relationships with the country’s leading registered providers (RPs) and Local Authorities (LAs).
This comes alongside expansion plans and the relocation of the Group’s regional offices to more prominent locations. The Group’s strategy is to be a £0.5bn business by 2020.
Ian Burnett, chief executive of United Living said: “This year we’ve demonstrated our resilience in a period when our customer base of registered providers were dealing with significant changes to their own business plans following the chancellor’s budget cuts to housing rents. The significant increase in cash balances positions the business well for any turbulence in the market given the unpredictability following the EU vote.
“Our growth across the UK and office relocation to key city regions is opening up lots of new opportunities and we are in a position to offer our clients a land-led solution to help them meet their building targets. Our forward order book also continues to grow now standing at over £500m. Together with our land bank, this will be a significant area of growth for the business over the coming years, as we aim to become the country’s leading provider of new build and refurbished residential accommodation.
“We have invested significantly this year in talent and our IT infrastructure, allowing us increased efficiency moving forward. The impact of this will increasingly be seen by our clients.”
United Living, which has key regional offices spanning across the North West, North East, Midlands, Wales, and its headquarters in London and the South East, has been gathering awards for its work throughout the year. These include a Gold Considerate Constructors Award for its York Road scheme in Bristol, a RICS award for the Bluebell Park in Knowsley and a RoSPA Gold health and safety accolade.
And the Group has further enhanced its social value offering, not only increasing the number of trainees and apprenticeships from 70 to 113, but extending the community work it supports by working with local groups around the country on bespoke projects.
This has included major redecoration at schools across the UK, upgrading and installing a new sensory garden in a Kent special needs unit and large scale grounds works in a community centre in the Midlands.
Our annual report and financial statements can be found here: