top of page

Leep Utilities reports contract wins up 10%

by Trevor Loveday

“Last-mile” utility networks group owner, Leep Utilities, reported a 25.4% year-on-year increase in turnover for the 12 months to 31 March 2022 with new contract wins up 10% and a 26% increase in contracted connections. During the year of the report the group’s contracted multi-utility connections to UK homes and businesses topped 100,000.

The group’s non-trading, intermediate holding company – which holds shareholder loans to fund the group – reported a pre-tax loss of £3.62m up marginally from the previous year. Its total assets, comprising largely amounts owed by group undertakings and investments less current liabilities, stood at £28.07m at the year end (29.77m 2021). Leep’s net liabilities stem largely from loans from its chief shareholder, due in 2042, totalling £39.87m (£39.26m, 2021).


The company was formed as a joint venture in 2017 when investment manager, Ancala, acquired an initial 50% of the utility businesses of real estate and infrastructure firm, The Peel Group. Ancala increased its stake in 2019 to 90%. During the same year, Leep acquired new appointments and variations player, SSE Water.


Chief executive officer at Leep, Louise Manfredi, said: “When Ancala invested in the business, our priority was to build out the team – with a particular focus on business development and operations so that we could establish ourselves as a real force in the wider UK independent connections market. This is exactly what we’ve done and we’re now winning connections business from some of the biggest UK developers."

Comments


bottom of page