ProService Building Services Marketplace (LSE:PRO), the digital platform connecting buyers and sellers of building services in the UK, reported revenue of £248.1 million for the year ended 31 March, down from £362.8 million in the prior 15-month comparator period.
The figures mark the company's first results as a standalone marketplace business, following the disposal of The Hire Service Company and a new commercial agreement with Speedy Hire, which also took a 9.99% stake in the group.
Underlying EBITDA came in broadly break-even, a swing from a £12.5 million profit in the prior period, as mobilisation of the Speedy Hire arrangement disrupted service levels and conversion rates in the second half.
The group posted a pre-tax loss of £18.3 million on continuing operations, driven partly by £9.2 million of non-underlying items, including £6.6 million of one-off legal and professional costs tied to the Speedy Hire deal and the THSC disposal.
Net debt fell to £30.5 million at year-end from £97.6 million a year earlier, after disposals cut hire purchase and lease liabilities by £47.4 million and enabled a £21.6 million repayment of borrowing facilities.
Since year-end, the group completed a refinancing comprising a £35 million asset-based lending facility and a £25 million convertible loan note from shareholder Ravensworth, replacing facilities that were due to mature in September.
"These complex transactions have set the Group up for profitable growth", chief executive Tom Shorten said.
Trading in the first four months of the new financial year has shown revenue and gross profit both up 20% year-on-year, with Underlying EBITDA turning profitable from May and averaging £0.7 million in June and July.
Management reiterated guidance for Underlying EBITDA of between £9 million and £12 million for the year ending March 2027.
