City reports 33% rise in group turnover
Posted by admin / 24.08.2017 / Latest News
City Facilities Management Holdings Ltd has reported a 33% increase in group turnover to £617m
The results, which highlight a £154m increase from 2015, include a 40% increase in turnover from City’s facilities management and cleaning businesses at £512m and a 9% increase in project services (construction and engineering) at £105m.
Despite continuing challenging market conditions, City’s facilities management turnover in the UK was consistent in 2016, with growth from new customers and services offset by the reduction in turnover from a business sold in 2015.
In Australia and South East Asia, turnover grew through new business and organic growth with existing customers. The largest area of growth for City was in the US, with the launch of services through City Facilities Management (US), headquartered in Jacksonville, Florida. The acquisition of Baltic Trail Facilities Management during the year provided further growth to City’s scale and service provision capability in the US market.
Overall group operating profit was £15.4m in 2016, up from £7.2m in 2015. The operating profit also reflected the continued investment in new innovative solutions and business development both in the United Kingdom and overseas as well as contributions to local and national charities.
Chairman of City Facilities Management Holdings Ltd, Lord Willie Haughey said:
“This has been a positive year for City and not only have we seen significant growth in our business’ turnover but also organic growth within our existing customer base.
“We continue to invest significantly in new and innovative solutions for our customers and now offer world class, energy-led facilities management services across five continents globally.
“We were also delighted that as a result of our growth we were named by Grant Thornton as the largest private limited company with ownership in Scotland based on employment.
“With the recent acquisition of European operations through Lesprit Limited (trading as AMF in France and MML in the UK), which is not included in our 2016 results, we are focused on continuing our growth strategy in 2017 and beyond with potential to strengthen our offering to both existing customers and new markets.”