Sureserve profit jumps after contract wins

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Social housing energy services group Sureserve posted a substantial rise in annual profit after it boosted revenue by a quarter.

Pre-tax profit for the year through September jumped 77% to £13.8 million as revenue rose 25% to £244.0 million.

Sureserve said it had notched a record 167 contract wins in the year valued at £417.0 million.

The company decided not to pay a dividend, figuring its capital would be better deployed in driving growth plans by retaining cash for acquisitions.

Looking forward, Sureserve said its momentum had continued with a 'strong start' to trading in the 2022 financial year.