RSK nears £2.5bn revenue as acquisition spree lifts net debt to £965m

RSK's revenue rose 10% to nearly £2.5bn in the year to April 2026, as the buy-and-build environmental and engineering group spent £172m on 10 acquisitions and pushed operating profit more than fourfold to £18m.

The expansion came at a cost. Net debt swelled to £965m from £734m, and interest and similar expenses of £112m swallowed the trading profit. Pre-tax losses narrowed to £93m from £125m.

The group now spans more than 200 businesses, employing over 17,000 people across more than 40 countries.

What drove the growth?

Water remained RSK's biggest market, generating nearly £1bn of revenue. Bosses said long-term investment in water security, energy transition and infrastructure renewal continued to underpin demand.

Cash generated from operations reached £117m, while EBITDA rose nearly a quarter to £152m.

Alongside the acquisition drive, managers tightened pricing, project selection and cash controls to improve returns from the growing business.

How is RSK restructuring?

RSK cut its trading divisions from nine to six. The aim: get specialist businesses working together and sell more services across the group's client base.

Chief executive Alan Ryder defended the federated model. "Our family of specialist businesses is one of RSK's greatest strengths," he said. "Each business retains its entrepreneurial spirit, technical expertise and close client relationships, all while being supported by the larger group."

What comes next?

RSK will target above-market organic growth in FY27, alongside further acquisitions, stronger margins and better cash conversion.

Ryder said: "We are operating in attractive markets supported by long-term structural demand, and we have a strategy that is both ambitious and achievable."

Whether that strategy can outrun the group's financing costs — now consuming £112m a year against £18m of operating profit — will define the next phase of the acquisition-led expansion.