Sureserve (SUR ), an asset and energy support services group, announced its wholly-owned subsidiary CorEnergy Limited has successfully fulfilled a £5.4m contract with the Defence Infrastructure Organisation (DIO) to supply the UK Ministry of Defence (MOD) with Solar PV.
CorEnergy operates as a consultant and principal contractor, designing and installing decarbonisation solutions incorporating renewable energy generation, renewable heating, and energy efficiency solutions. CorEnergy Limited was acquired by Sureserve in December 2021.
CorEnergy's services cover all phases of sustainability projects, from initial concept, feasibility and design, to installation, commissioning and lifetime aftercare support.
Tom Griffin, Managing Director of CorEnergy Limited, commented: "We are delighted to have completed the contract supplying Solar PV to the Ministry of Defence, a first for the Group. The dedicated work of the team has ensured the solution provided has achieved the very highest of technical and ethical standards, including independent testing of the modules to demonstrate stringent technical performance and an independent audit of the global supply chain to demonstrate the highest ethical standards have been upheld. The contract award reinforces the reputation CorEnergy has established within the renewables industry for being a trusted and reliable partner for providing high quality services in complex environments."
Brigadier Richard Brown, Ministry of Defence, commented: "The Army is committed to the roll out of Solar PV across the estate to reduce energy bills and support its sustainability strategy. This successful procurement of Solar PV is an important part of our investment in sustainable initiatives that will help to achieve our ambition to be carbon net zero by 2050."
Sureserve shares were up 1.2% on the announcement today, and up 12% in the past year, defying the larger downturn in equities.
1H22 results
In its most recent interim results to 31 March 22 (1H22), Sureserve reported strong revenue growth of 24% to £126.2m (1H21: £101.8m), as well as 41.7% growth in operating profit to £5.1m (1H21: £3.6m).
Pretax profit was also up 34% to £4.3m (1H21: £3.2m), and basic earnings per share increased 37.5% to 2.2p. The company had £11.8m in cash (1H21: £9.7m), with a 50.2% increase in its order book to £512.1m (1H21: £340.9m).
The company scored new contracts and extensions in Social Housing Energy Services (SHES) worth £101.2m, a 54% increase year-on-year.
Outlook
Overall, today's announcement reflects Sureserve's momentum into strong FY22 performance, with high revenue visibility from long-term, regulatory-led contracts. The company is well-funded and positioned at the forefront of the UK's energy transition, with an established presence in energy efficiency, solar PV, heat pumps, and battery storage.
Further acquisitions are expected per Sureserve's stated growth strategy.
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