Wed, 23 Jun 2021 | BUSINESS NEWS
Regulatory and health and safety company Marlowe has seen its annual pre-tax profit rise 31 per cent, following a year in which it completed 15 acquisitions. In the year to March 31 2021, Marlowe’s pre-tax profits rose to £17.1 million, while revenue rose by 15 per cent to £192 million.
The firm’s adjusted EBITDA rose 30 per cent to £28.7 million. Marlowe added that its current 12-month run rate revenues were £280 million, 83 per cent of which is recurring. Its run rate adjusted EBITDA, meanwhile, was £44 million.
The company is undertaking a three-year acquisition-focused expansion strategy as it looks to grow to £500 million in revenue. Following Marlowe’s 15 acquisitions in the year to March 31, it has since completed seven more acquisitions.
This month alone, Marlowe has acquired occupational health company Healthwork for £17.2 million and fire safety and security firm ACL for £7.2 million.
Marlowe CEO Alex Dacre commented: “We have continued to execute at pace upon the opportunity to build the UK leader in business-critical services and software across the governance, risk and compliance and the testing, inspection and certification markets.”
“We have made substantive progress in executing our merger and acquisition strategy, delivered further strong margin expansion and cash generation whilst organically building our base of recurring revenues, which now stand at over 83 per cent.”
“The platform acquisition of Ellis Whittam has transformed the scale of our governance, risk and compliance activities, and Elogbooks represents a significant step in the delivery of our digital strategy.”
Dacre added: “We have made a strong start to the new financial year, with good levels of organic growth, and look forward to delivering further profitable growth.”
“This progress underpins our confidence to continue executing our strategy and to achieve our medium-term targets through deepening our market share across our sectors, broadening our activities across the business-critical arena, strengthening our business via operational improvements and delivering on our digital strategy to reach compliance software revenues of around £50m."
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