React Group, the London-listed cleaning, hygiene, and decontamination company, has announced that it achieved a significant turnaround, recording a pretax profit of £50,000 ($62,675) for the year ending September 30. This is in stark contrast to the loss of £701,000 reported in the previous year.
The company attributes its success to several factors, including the strategic acquisitions of Fidelis in 2021 and LaddersFree in 2022. Additionally, React Group's cross-selling and upselling strategies have proven fruitful, allowing them to attract new customers and drive organic growth.
Revenue for the company surged to £19.6 million from £13.7 million, indicating a strong performance. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), which excludes exceptional and one-off items, more than doubled, reaching £2.3 million compared to £953,000 in the previous year.
React Group's Chief Executive Officer, Shaun Doak, expressed confidence in the company's continued momentum, stating that the strong trading performance seen in fiscal 2023 has carried over into the new financial year. Despite the expected slow down during the festive period, the first few months of fiscal 2024 have marked a record trading achievement for the group.