Friday, November 26, 2021

Edwin James Group reports resilient pandemic performance and a growing order book

Asset Engineering Group, Edwin James, has reported that over the last financial year, sales fell by 11% due to the pandemic while profits held up well.

However, following a series of contract wins, the company is announcing a record order book in excess of £500m and says that it will create over 100 jobs over the next two years. The business also reports that the impact of the pandemic saw turnover fall 11% to £136m and its EBITDA margin holding up well at 5.3%.

The relatively strong EBITDA performance was delivered despite the operational restrictions imposed by the Covid-19 pandemic, which demonstrated the resilient nature of the business.

Cash performance was strong at the end of the financial year, a continued focus on improving working capital management processes resulted in improved cash balances and robust cash-backed profits.

A series of strategic acquisitions and continuing organic growth has created a diverse business that is well-placed to navigate shocks to the economy.  Edwin James Group now offers a complete range of asset care, renewal, control and automation services, covering the full life cycle of critical production and facilities assets.

Commenting on the results, Derek Smith, CEO of Edwin James Group, said: “The group responded quickly to the pandemic and put the safety of its employees, and those of our clients, and wider community first. While the long and strict lockdowns created operational challenges, the business was able to support customers and their business-critical assets that range from food manufacturing to utility and defence sectors, by developing new processes and protocols to ensure the safety of everyone.

“We emerge from this unprecedented period in good shape. We have a talented and experienced team that we are continuing to develop with new investment in training via our EJ Academy. Our order book has never been stronger, and more of our customers are using a wider range of services.”

The company refined its operating brands during the year with a focus on Parker Technical Services, Musk Process Services and Peak Technology Solutions. Investment was made in an expanded Academy programme to support the training and retraining of existing staff and help attract talent. Investment has also been made in the leadership team during the year, with further strengthening of this team planned over the coming year. Developing the next generation continues to be important, with 165 apprentices employed by the business.

Derek Smith concluded: “Implementation of a clear and established strategy is expected to deliver a growing customer base and revenue. With the support of a committed workforce, this will produce growth opportunities for all staff, and we look forward to the future with confidence.”

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