Marlowe boosts annual profit by a third as acquisition spree continues
Specialist health and safety firm Marlowe saw its annual pre-tax profit jump 31 per cent to £17.1m as a flurry of acquisitions deepened its presence in the market.
Marlowe also pushed its revenue up by 15 per cent to £192m, as well as boosting its net cash before acquisition and restructuring costs to £28.3m.
The company completed 15 acquisitions during the 12 months to 31 March, and has already made seven since the turn of the financial year.
Following the full year update, shares in Marlowe rose 0.9 per cent as markets opened.
Earlier this month, Marlowe announced the £17.2m purchase of occupational health firm Healthwork, swiftly following the acquisition of fire safety and security provider ACL for £7.2m.
The company’s buying spree shows little sign of slowing down, and the company has committed to a three-year strategy to reach £500m in revenue.
“We have continued to execute at pace upon the opportunity to build the UK leader in business-critical services and software,” said Alex Dacre, chief executive of Marlowe.
“This progress underpins our confidence to continue executing our strategy and to achieve our medium-term targets of run rate revenues of £500m.”