M Group continues its acquisition-led growth

(by Verity Mitchell)

M Group, the infrastructure services company, has released its full-year results to 31 March 2026. Revenues of £3.1bn rose by 23%, driven strongly by acquisitions. EBITDA was up 40% to £217m (before exceptional and non-recurring items). The EBITDA margin grew to 7.1%, up from 6.2%. Its order book reached £10.4bn, increasing 18% year-on-year. Operating profit was £14.4m compared to a loss of £13.9m in the prior year, reflecting amortisation of acquisition goodwill.

The loss for the year was £60m up from £46.5m, reflecting three transformative acquisitions: the purchase of Telent, Cyro Cyber and Aran. These have changed the business mix. Technical solutions now represents 19% of revenue, up from 11%. Critical solutions is 68% and digital solutions is now 13%.

M Group delivered more than a hundred contract wins and renewals in the year and established the company’s largest order book to date. More than 70% of the expected targets to March 2027 turnover have already been secured. Cash used in investing activities increased to £306m from £128m in the previous year.

Net debt increased from £429m to £791m. In November 2025, the group undertook an “amend and extend” refinancing. As a result of this, the loan value increased at a lower rate of interest margin. Refinancing has also improved the liquidity of the group for more acquisition activity. Following the refinancing of the senior debt facility with predominately existing lenders, a £170m capital return to shareholders of M Group was made, facilitated by the group’s balance sheet position.

The average length of M Group’s client relationships is now 19 years across its business offerings of energy, water, technology and communications, transport, defence, and industrial and public sector. It now offers a far greater range of services beyond its core infrastructure activity. The strategy is to grow the client offering further and provide solutions across the full asset lifecycle, from design and deliver, through maintain and renew, to operate, secure and assure. Through acquisitions, the company has greatly expanded its capabilities in data insights, digital solutions and cyber.