Actavo Group, headquartered in Dublin and operating in Ireland, the UK, the Caribbean and Middle East, with a global workforce of over 2,100, has released its annual results for the year ended 31st December 2021.
In 2021 the company generated revenues of €158.2m, an increase of 9.6% from the previous year (€144.4m) and delivered a gross profit of €28.1m (2020: €27.7m) and an operating profit of €2.3m (2021: €0.2m). The company reported cash and cash equivalents of €16.5 million (2020: €10m). The growth in revenue and profits is attributed to strong business performance across all of our divisions and strong cost management.
In line with our strategy to focus on the provision of operations and contracting services, Actavo sold its Hire and Sales division in August 2021, to Generation UK Limited (Altrad Group). As a result of the sale, net debt was eliminated in 2021, down from €48.1m the prior year, strengthening the company’s balance sheet and repositioning Actavo firmly as a strategic operations partner.
2021 was a strong year for Actavo, resulting in growth of almost 10% in revenue arising from strong execution across all of our divisions and discipline in cost management.
The sale of our Hire and Sales division was a positive development, which has eliminated all third-party debt, refocussing Actavo around our core offerings in operations and contracting services and generating capital to further invest and grow into the future.
While Covid-19 continued to impact our business in 2021, the gradual lifting of restrictions also positively contributed to our improved performance when compared to the prior year. I believe we have turned a corner and are now well positioned for growth and to take advantage of new opportunities moving forward.
I would like to sincerely thank our valued employees for their continued dedication and our customers for their trust over the past two years, which has directly contributed to our positive business performance. We look forward to continuing to work with our partners as we focus on future growth and providing innovative solutions to the market.
Brian KellyGroup CEO, Actavo
In support of the ongoing development of the company, Actavo will be hiring for key roles in the coming six months.
In 2021, Actavo maintained its focus on operational excellence and high safety standards. The company received numerous health and safety awards, including the Royal Society for the Prevention of Accidents (RoSPA) Order of Distinction, the RoSPA President’s Award, the RoSPA Fleet Gold Medal, the NISO/NISG Construction Utility Services Award and Driving for Work Award, and the first ever Excellence in Safety Award at the All-Ireland Occupational Health and Safety Awards. Actavo also received the EcoVadis Gold Award for Sustainability and maintained its ISO 45001, ISO 14001, ISO 9001, ISO 27001 and ISO 50001 accreditations.
Continuing its award-winning focus on Customer Experience, the company was awarded Best Customer Experience (CX) Strategy at the Customer Centricity World Series Awards, and also won the CX Impact in Telecoms Award at the Irish CX impact Awards.
Actavo is a member of Business in the Community Ireland (BITCI), and in 2021 the company signed the BITCI Low Carbon Pledge, committing to reducing its carbon emissions by 2024 using science-based targets. Actavo also signed the BITCI Elevate Pledge, committing to taking positive action to build an inclusive workplace.