RSK Group more than doubles turnover following 27 acquisitions in a year

Environmental, engineering and technical services firm RSK Group has more than doubled its turnover following a year in which it made 27 acquisitions. The Cheshire-headquartered company, which has been backed by Ares Management Corporation since 2021, now comprises nearly 200 business units.

In its results for the period from April 5 2021 to April 3 2022, the company reported that turnover increased from £350.5 million to £795.9 million, while EBITDA increased to £59.4 million from £40.8 million. However, the company’s pre-tax losses widened from £18.9 million to £38.1 million.

For the period, the company generated a loss of £42.7 million, which founder and CEO Alan Ryder (pictured above) said was in line with expectations and “a direct result of […] continued investment (through increased levels of debt to support growth)”.

The company said its year of “particularly notable” growth had been driven by both its highly scaled-up acquisition programme, as well as organic expansion across several of its divisions. Alan Ryder said that the firm had delivered growth despite major external pressures, including COVID-19, the Russian invasion of Ukraine and a widespread economic downturn.

Ryder continued: "The combination of organic growth by several group businesses and RSK’s acquisition programme means RSK currently stands as a diverse group of more than 175 businesses employing around 10,000 people in 40 countries. Turnover and EBITDA have both increased substantially, emphasising the exceptional strength of our group and the resilience of our business strategy.”

"As we now enter the final quarter of our current financial year, I am pleased to see this robust growth continue as the underlying global demand for our services increases. We have an ambitious plan to develop RSK significantly over the coming years, with a continuation of our diversification strategy, increasing our global footprint, adding complementary businesses and investing in our people and existing business lines.”

He added: "This strategy allows us to grasp the market opportunities that exist with the growing global demand for sustainable solutions supporting crucial engineering and infrastructure projects. We believe diversity in our business offering will continue to give us greatest resilience to external market forces, including emerging global economic challenges."

“With the support of Ares, we have been able to invest heavily in acquisitions, new business lines and plant and equipment; this investment is helping RSK cement its position as a global leader and is fundamental to our current strategy.”

In its latest accounts, RSK said that its results only showed the impact of its recent takeovers at the time they were acquired, with proforma figures for 2022 giving a better demonstration of their value. At the end of 2022, figures showed that the company’s turnover increased from £537.1 million in 2021 to £939.6 million last year, while adjusted EBITDA increased from £54.6 million to £75.4 million.

RSK concluded that, despite global economic uncertainty, it was well placed to handle a potential recession, due to its international scale and diverse service lines. The company said that, with the backing of Ares and NatWest, it was targeting further diversification and continued growth.


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