Avove Limited, the new name for the utilities division of Amey that was bought by Rubicon partners in 2022, has posted financial results showing growth in revenue and profits.
In the year to 31st December 2024 Avove grew turnover by nearly 24% to £216.1m (2023: £174.7m). Pre-tax profit was up 61% to £13.2m (2023: £8.2m) while operating profit was up 58% to £12.5m (2023: £7.9m).
Revenue growth was described as broad-based across all clients and further growth is expected in 2025 on the back of a strong order book.
Executive chair Mark Perkins said: “We have continued to make significant operational and financial progress for the third successive year since becoming a standalone business. We have again delivered increased revenue and profitable, cash-backed, growth. We continued to grow the order book, which provides us with good multi-year visibility of activity and development. Our strong cash performance [closing at £13.8m] has allowed us to continue to invest in our people, systems and specialist areas of plant.
“I am particularly pleased with the progress we have made in developing the Avove brand and culture – we have a highly engaged, ambitious and restless team that is looking to find improvements in everything that they touch. That ambition has manifested itself with some spectacular operational delivery results on behalf of our clients, and I am confident that we can continue to build on this momentum into the future.”
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