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Sureserve Group (SUR)

Business description

Sureserve Group (previously Lakehouse) is engaged in asset and energy support services, focused on customers in the outsourced public and regulated services sectors in the UK. The group comprises two divisions: compliance and energy services.

Y/E Sep Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 299.1 10.2 7.5 4.0 5.1 N/A
2017A 181.5 9.0 5.4 4.0 5.1 N/A
2018E 185.1 8.8 6.2 3.1 6.6 N/A
2019E 194.2 9.5 7.1 3.6 5.7 N/A

Last updated on 23/11/2018

Investment summary

The beginning of October trading update confirmed that Sureserve will meet earnings expectations for the year to 30 September 2018. The group also announced that CFO Jeremy Simpson would leave following a suitable handover. The smaller size of the group post the divestment of the Construction and Property Services divisions suggests the group requires less corporate overhead and this move seems logical once the divestments have been completed. The recent dip in the share price reflects negative sentiment in the sector, particularly around Interserve and general market weakness.

Last updated on 29/11/2018

Industry outlook

Growing corporate and government awareness around safety and energy efficiency create an attractive backdrop to Sureserve’s compliance and energy services business, where strong regulatory drivers have the potential to deliver substantial medium-term EBITA growth. The management team appointed in July 2016 to reverse the decline in performance is taking bold decisions.

Last updated on 29/11/2018

Key management

Jeremy Simpson, CFO
Robert Holt, Executive Chairman

Company address

1 King George Cl
United Kingdom
01708 758 800
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