Acquisitions drive turnover growth for Stockport utilities contractor

Stockport headquartered utilities contractor, OCU Group, has reported annual turnover growth of 34% following a string of acquisitions.

The firm has seen revenue across the group exceed £610 million for the year ending 30th April 2024, with its recent acquisition of RJ McLeod in June forecast to take turnover over £800 million in next year’s accounts.

Its most recent accounts show the Stockport-headquartered business more than double its income in the two years since it was bought by private equity fund, Triton Partners 2022, which is backing the business with a £150 million acquisitions fund. In addition to acquisitions, growth has also come through organic growth of the utility contractor’s water and energy transition work.

Despite the growth of the business operations, revenue growth has come at the cost of profitability, with OCU Group’s margin slip to 9.6% from 11.3% in its 2022-23 financial year.

Michael Hughes, CEO of OCU Group, said:

“OCU continued to evolve at pace during the year – through thoughtful and strategic acquisitions and innovative organic initiatives, all driven by an exceptional team across the country.

“As we leave the year, we stand even better placed to secure the opportunities that the tailwinds in our end markets present.”