Washington infrastructure contractor reveals 'strong' annual results with £10m profits

Utilities and property servicer Fastflow Group has revealed its annual financial figures to April 2019.

The company’s turnover for 2018/19 supposedly increased significantly by 40.2 per cent to £137.5m - compared to £98.1m in the previous year.

Profits (EBITDA) remained consistent at £10.3m, while the group’s cash balances have increased from £10.6m to £13.5m.

Furthermore, the group’s turnover was underpinned mainly by the addition of company Partner Construction to the group in February 2018. Partner works with registered housing providers, creating homes for ‘affordable’ rent across the UK.

Neil Armstrong, chief executive of Fastflow Group and the merged business, said: “In line with our strategy, we continue to experience a healthy blend of acquisition and organic growth.

“The hard work and commitment of our people across all our businesses made 2018/19 another successful one for Fastflow Group, providing us with a sound platform to further support the owners and operators of essential water, energy and housing assets.

“The enlarged group will provide more opportunities for further progress.”

Property maintenance division DW Support Services also grew its turnover, securing new work with Catalyst Housing Group.

In June 2019, post the period end, Fastflow Group merged with maintenance and housing specialist United Living, to create a £400m+ turnover operation which now employs around 1,100 people.