React H1 revenues grow, EBITDA surges
By Iain Gilbert
Date: Thursday 25 Apr 2024
(Sharecast News) - Cleaning firm React Group said on Thursday that revenues and profits had both grown in the six months ended 31 March.
React said revenues had grown 14% to £10.6m as it delivered a record trading performance, with good sales growth across all three divisions of the business, while gross profits rose approximately 15% to £2.9m and adjusted underlying earnings improved 38% to £1.3m.
The AIM-listed group also said it continues to deliver "strong recurring revenues" in excess of 85% and stated the associated margin improvement was reflected in an enhanced revenue mix with higher margin repeat business and operational synergies across the firm.
Chief executive Shaun Doak said: "We are very pleased with the performance of the group in a year of considerable investment and which sees continued sales momentum across a higher margin business. In addition to the material contracts, the group continues to be awarded numerous small and medium sized wins which highlights its cross-selling capability. The pipeline for the remainder of the year remains robust which provides the board with a high degree of confidence in achieving full year market expectations."
As of 1210 BST, React shares were up 4.23% at 71.40p.
Reporting by Iain Gilbert at Sharecast.com
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