Kirkby-based FIS, which specialises in waste management and decontamination, saw revenues rise 22% to £32.2m following a major acquisition. Tony McDonough reports
Waste management and decontamination specialist Future Industrial Services (FIS) is reporting a 22% rise in annual revenue but a pre-tax loss of more than £1.6m.
In the year to December 31, 2018, Kirkby-based FIS said revenues came in at £32.2m, up from £26.5m the previous year. The figure was boosted by the acquisition of Hull-based industrial services provider, Colt, based in Hull.
FIS recorded a pre-tax loss of £1.6m for the 12-month period as it incurred extra costs due to the integration of Colt. This was an improvement on the £1.9m pre-tax loss incurred in 2017.
The firm works with clients including Government, major utility and multi-national companies to provide a range of cost-effective services to waste management and decontamination requirements, including specialist recovery facilities for oils and heavy metals.
It was backed by private equity firm NorthEdge Capital in April 2017 in a deal that valued the company at £16m, operates a fleet of specialist vehicles with 340 employees working in its eight sites across the UK.
David Lusher, chief executive at FIS, said: “The acquisition of Colt as well as the change in our operating model to a service and product structure has allowed us to deliver a much more focused approach to sales and drive operational efficiencies within our business.
“This, in conjunction with the appointment of key people, means we are well placed to continue to grow and deliver our specialist services nationally to both new and existing customers.”
In May this year, the company announced the appointment of Steve Purkis as finance director. With 15 years’ experience in finance director roles across the service, construction, property development and manufacturing sectors.
FIS also continued to invest in its fleet of specialist vehicles and equipment, and has created two divisions – specialised industrial services and environmental services, enabling focused sales and investment in unique assets.
George Potts, investment director at NorthEdge Capital, added: “David and the management team at FIS have built a loyal customer base, driven by quality of staff and excellent customer service. This, combined with strategic acquisition and investment in the unique asset base, has enabled the team to deliver strong growth.”