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Thu April 25 2024

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OCU doubles turnover in two years

30 Jan Private equity-owned utilities contractor OCU Group has seen its revenues grow from £220m to £455m in just two years.

O’Conner Utilities Group was bought by Triton Partners in August 2022
O’Conner Utilities Group was bought by Triton Partners in August 2022

In the 12 months to 30th April 2023, OCU Group turned over a record £455m, a significant 54% year-on-year increase and more than 100% growth in two years.

Adjusted operating profit for fiscal 2023 was £51.6m, up 27% from £40.7m in 2022. 

Pre-tax profit was £5.3m, down from £40.5m the previous year as a result of financing costs and non-cash amortisation of goodwill arising from its recent takeover by Triton Partner.

Most of the increase in turnover was down to organic growth, the company said, although it has also been busy with acquisitions.

OCU was founded by 1994 by brothers Tim and Tom O’Connor as O’Conner Utilities Group. They sold it to private equity firm Triton Partners in August 2022.

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Recent acquisitions have included Leeds fibre-optic specialist InICT, utilities firm Opals, Wigan telecom installation service FKS, and Andrews Associates, a power systems design and engineering service based in Surrey.

In April 2023 it added he Northavon group of companies, followed by Integrum Power Engineering in June and electrical engineering specialist Hornbill in July.

OCU Group chairman David Taylor-Smith said: "This is our first full year under Triton’s ownership, we are delighted with our results and the progress we have made in executing our strategy.

“As well as delivering strong financial and operational performance, we have expanded our geographical coverage and increased the breadth of our capabilities enabling us to further serve our clients.

Chief executive Michael Hughes added: "Our robust financial performance, and the investments OCU continues to make, demonstrate our resilient business plan and commitment to long-term value creation for all of our stakeholders. Our results are testament to the commitment and dedication of all our OCU colleagues and underscore the inherent strengths of the OCU business model.”

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