Future Industrial Services (FIS), a provider of specialist environmental and industrial services, has announced a 22 per cent increase in turnover following its acquisition of Colt Industrial Services (Colt) and further investment in its management team and fleet.
Headquartered in Kirkby, Merseyside, FIS works with clients including government, major utility and multi-national companies to provide a range of cost-effective solutions to waste management and decontamination requirements, including specialist recovery facilities for oils and heavy metals.
The company, which was backed by private equity firm NorthEdge Capital in April 2017 in a deal that valued the company at GBP16 million, operates a fleet of specialist vehicles with 340 employees working in its eight sites across the UK.
FIS announced turnover of GBP32.2 million for the year ended 31 December 2018, up from GBP26.5 million the previous year. The increase reflects boosted part year sales from the acquisition of Colt, the Hull-based industrial services provider to the rail, military and utilities sectors, announced in June last year, as well as a wider investment in improving client service.
The business has invested in strengthening its management team, announcing the appointment of Steve Purkis as finance director in May this year. With 15 years’ experience in Finance Director roles across the service, construction, property development and manufacturing sectors, Steve joined FIS to support the management team in building shareholder value through organic and acquisition growth.
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 focussed sales and investment in unique assets.
David Lusher, CEO at Future Industrial Services, says: “We are proud to announce these figures, which follow a sustained approach to acquisition, investment in our team, and a sharper focus on the market.
“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.
“We will continue to take advantage of the current market conditions to strengthen our position further. With additional investment in IT systems to improve efficiency planned for later this year, as well as the benefits brought about from the investment in our fleet, we look forward to continuing to grow turnover and deliver shareholder value.”
George Potts, investment director at NorthEdge Capital, says: “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. We are excited to continue to support the wider team at FIS in delivering on their strategic ambitions.”