Net debt position

RNS Number : 7763Q

Sureserve Group PLC

23 October 2019

 

Sureserve Group plc

("Sureserve" or the "Group")

Net debt position

Sureserve, the Compliance and Energy Support Services Group, announces that shortly before the end of the financial year to 30 September 2019, the Company paid down a further £4m of the Revolving Credit Facility to NatWest Bank and is currently utilising a total of £10m. As a result, net financial debt at 30 September 2019 is now expected to be approximately £7.6 million.

In addition, post the year end, the Group received £930k in relation to the sale of Orchard Energy to World Fuel Services Limited by way of final settlement of the deal consideration.

Bob Holt, Executive Chairman, said: "Continuing from our recent trading update, I am very pleased with our cash management whilst at the same time the Group is in a strong place to continue to build a profitable platform for future growth. I look forward to bringing you news of further successes for the Group."

Enquiries

Sureserve	Financial Public Relations
Bob Holt, Chairman, 07778 798816	Camarco
Peter Smith, Chief Financial Officer	Ginny Pulbrook
Telephone: [phone]	Ollie Head Telephone: [phone]
Shore Capital
Antonio Bossi Mark Brown
Telephone:  [phone]

Notes to editors

Sureserve is a leading compliance and energy support services group that performs critical functions in homes, public and commercial buildings, with a focus on clients in the UK public sector and regulated markets. Services are delivered through two divisions: Compliance and Energy Services.

The Group was founded in 1988 and is headquartered in Basildon. It currently employs some 2,000 staff from 23 offices across the UK.

 

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