Private equity-backed utility and infrastructure contractor Network Plus Services has pushed margins higher on the back of rising energy and water workloads.

Adjusted EBITDA jumped 20% to £43m in the year to 30 March 2025, lifting margins from 6.8% to 7.4%.

But onerous contract and restructuring charges impacted the bottom line with pre-tax profit dropping to £25m from £32m in the prior year.

Turnover grew 9% to £585m, supported by increased volumes on existing frameworks and new contract wins.

The group’s expansion into smart metering, vegetation management through the AC Landscapes acquisition, and the launch of a district heating division all contributed to broadening its offer.

Headcount at the Manchester-based business also increased to just 2,400 staff.

Network Plus said that future growth would be underpinned by Ofwat’s AMP8 settlement allowing a 70% uplift in water sector spend and acceleration low-carbon infrastructure programmes.