OCU Group (“OCU” or the “Group”), the energy and utilities contracting specialist, has reported record annual performance for the 12 months to April 2022 after a year of strong growth underpinned by its role in building and maintaining key elements of the UK’s infrastructure.
Revenue at the Stockport-based group rose 34% year-on-year to £295.2m for the year ending 30th April 2022 (2021: £219.7m) with its expected revenues in its current financial year to April 2023 to substantially outperform financial year 2022.
The record results come as OCU announced a refocusing of its business to reflect its specialisms and the changing nature of the UK infrastructure market. It has established two new divisions: OCU Utility Services and OCU Energy Services to align the Group with future growth priorities. This replaces the previous O’Connor Utilities and Instalcom brands.
OCU Energy Services, led by Vince Bowler, will primarily focus on growing OCU’s increasing share of work as a key enabler of the energy transition, as the UK targets reaching Net Zero by 2050. OCU recorded strategically important wins in the year including building one of the largest Battery Energy Storage sites in the UK and the roll out EV chargers. It will also continue reinforce power infrastructure in light of Ofgem’s recent electricity distribution network price determination.
OCU Utility Services, headed up by Adrian O’Sullivan will primarily focus on OCU’s regulated utility framework contracts, including those in the telecoms, power, and water sectors.
OCU’s market leading Horizontal Directional Drilling business recorded strong growth and continues to support the Group across various sectors.
OCU continues to invest in its specialisms to support its growth program, including acquiring complementary businesses and making senior hires. This includes the acquisition of Andrews Associates, a highly respected utility design and engineering consultancy and Opals and InICT which provide additional capability and geographical coverage. It follows the acquisition of the Group by Triton Partners, which completed in August 2022.
Michael Hughes, OCU Group Chief Executive Officer, said:
“After a record year to April 2022 we have carried the momentum into our current trading period with revenues for the year expected to grow double digit setting up OCU for another record year. We’re investing heavily in both our business and people to better serve our existing and target customers and to ensure we’re ready to capitalise on the evolving strategic opportunities available to us.
“The refocusing of our business reflects both our strengths and the broader direction of the UK economy and UK infrastructure markets. Over the next decade we will continue to work diligently to become an increasingly important partner in building the energy and utility infrastructure that will transition the UK economy into one of the greenest in the world.”
In the past year OCU has made four acquisitions to deepen its expertise in sectors. Meanwhile, to bolster its senior team, it appointed David Taylor-Smith as Non-Executive Chairman. This follows the appointment of several key executives, including David Snowball as Chief Financial Officer, Pinder Kang as Chief Strategy Officer, Michael Cornwell as General Counsel, and Mathew Edwards as Head of M&A.
Michael Hughes added:
“The investments made over the past year have put us in an enviable position for our next phase of growth. We will continue to pursue organic growth and assess strategic acquisition opportunities as they arise as well as invest in our senior team to support our ambitions.”
ENDS
About OCU:
OCU is an innovative service provider in the Utilities Industry; operating on a national scale. The Company delivers a wide range of customer-focused business solutions throughout the UK and Ireland, working with a large blue-chip client base in all utility areas including; Power, Telecoms, Water, Rail and Directional Drilling.
On the 4th of August 2022, OCU was acquired by Triton Partners, one of Europe’s leading investment firms. Triton was founded in 1997, with a belief in engaging with boards, managers, and employees to build better businesses, primarily in Northern Europe. The company focuses on developing medium-sized companies with the potential to create sustainable, long-term value. Triton operates from 12 offices across the world with their current portfolio of companies having combined annual revenues of over €18bn.
