Marlowe PLC Capital Markets Day and Trading Update (3841U)
March 28 2023 - 2:00AM
UK Regulatory
TIDMMRL
RNS Number : 3841U
Marlowe PLC
28 March 2023
28 March 2023
Marlowe plc
Capital Markets Day and Trading Update
Marlowe plc ("Marlowe" or the "Group"), the leader in
business-critical services and software which assure regulatory
compliance, will be hosting a virtual Capital Markets Day today
along with Q&A at 14:00 BST for investors and analysts.
Integration: Building a Platform for Growth
At the event, senior executives and operational management will
provide an update on:
-- How the Group drives improved organic growth and margin
expansion through the integration and restructuring of
acquisitions
-- Marlowe's underlying highly cash generative profile and the
Group's forward expectations for significant free-cash flow
generation
-- The resilience of the Marlowe model and the growth of the business and its markets
Please register for the live webcast here.
A video replay of the presentation will be available on the
Marlowe website at www.marloweplc.com .
Group Trading
The Group has continued to make strong financial and strategic
progress during the year ending 31 March 2023:
-- Trading for the year ending 31 March 2023 is expected to be
in line with market expectations with further significant growth in
revenues, adjusted profits and adjusted earnings per share.
Revenues are expected to be in the region of GBP475m for the full
year, c.50% up on the prior year
-- The Group expects to deliver high single digit organic
revenue growth and has seen accelerating momentum in the second
half of the year (H123 revenues: GBP222.9m). This organic momentum
is expected to continue into FY24
-- The Group's run-rate revenue and adjusted EBITDA have grown
to GBP493 million and GBP87 million respectively; on track to
achieve the FY24 run-rate financial targets of GBP500 million of
revenue and GBP100 million of adjusted EBITDA on an organic
basis
-- The short-term increase in accrued income in Testing,
Inspection & Certification (TIC) division at the six months
ending 30 September 2022 has returned to normal levels during the
second half, comparable with that seen at the beginning of the
financial year
-- Key integration programmes across Occupational Health and
Compliance eLearning within Governance, Risk & Compliance (GRC)
and Water within TIC are well-progressed
-- The Group completed one bolt-on acquisition in H2 in TIC,
acquiring PCS Consultants to deepen its scale in Water & Air
for a total consideration of GBP9 million
-- During the second half the Group settled GBP18 million of
deferred consideration. Incorporating this and the acquisition of
PCS, year-end net debt (excluding lease liabilities) is expected to
be in the region of GBP170 million (H123 net debt: GBP156.2
million) in line with our expectations. Looking forward, the Group
expects increasing levels of free cash flow to be deployed into
appropriately managing leverage and selective bolt-on M&A
For further information:
Marlowe plc
Alex Dacre, Chief Executive www.marloweplc.com
Adam Councell, Chief Financial Tel: +44 (0) 203 813 8498
Officer
Benjamin Tucker, Investor Relations
Manager
Cenkos Securities plc (Nominated Adviser and Joint Broker)
Nicholas Wells Tel: +44 (0)20 7397 8900
Ben Jeynes
Berenberg (Joint Broker)
Ben Wright Tel: +44 (0)20 3207 7800
Mark Whitmore
Stifel (Joint Broker)
Matthew Blawat Tel: +44 (0)20 7710 7688
Francis North
FTI Consulting
Nick Hasell Tel: +44 (0)20 3727 1340
Alex Le May
About Marlowe plc
Marlowe is a leader in business-critical services and software
which assure regulatory compliance. The company was formed to
create sustainable shareholder value through the acquisition and
development of businesses that provide regulated safety and
compliance services and software. It is focused on compliance
software, eLearning, health & safety, employment law & HR
compliance, fire safety & security, water & air hygiene and
occupational health services - all of which are vital to the
wellbeing of its customers operations and are invariably governed
by regulation. Marlowe currently provides software to over 1
million users and services to over 25% of Britain's commercial
premises. The Group provides customers with a single outsourced,
nationwide, provider of a range of regulated compliance and safety
solutions. Our customers can be found in office complexes, high
streets & leisure facilities, manufacturing plants and
industrial estates, and include thousands of SMEs, local
authorities, facilities management providers, multi-site NHS trusts
and FTSE 100 companies.
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END
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