NuGen Properties

O’Connor brand dropped as utilities group nears £300m turnover

Revenue at OCU Group for the year to 30th April 2022 reached £295.2m (2021: £219.7m) and pre-tax profit nearly doubled to £40.6m (2021: £22.7m).

In early August 2022, three months after the financial year-end, OCU – previously O’Connor Utilities – was acquired by private equity firm Triton Partners from brothers Tim and Tom O’Connor.

Publication of the 2022 results comes as the new owners kill off the O’Connor brand for good. Until now OCU Group had two operating divisions O’Connor Utilities and Instalcom. These now become OCU Utility Services and OCU Energy Services.

OCU Group chief executive Michael Hughes said: “After a record year to April 2022 we have carried the momentum into our current trading period with revenues for the year expected to grow double digit setting up OCU for another record year. We’re investing heavily in both our business and people to better serve our existing and target customers and to ensure we’re ready to capitalise on the evolving strategic opportunities available to us.

“The refocusing of our business reflects both our strengths and the broader direction of the UK economy and UK infrastructure markets. Over the next decade we will continue to work diligently to become an increasingly important partner in building the energy and utility infrastructure that will transition the UK economy into one of the greenest in the world.”

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