Leep Utilities reports contract wins up 10%
“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."
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