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Strategic report
OCU Group | Annual report and financial statements 2025
Governance
Financial statements
Highlights
Financial highlights 1,2 Revenue £886.5m
Adjusted operating profit 3 £98.9m
Adjusted EBITDA 3 £111.0m
2025
£886.5m
2025
£98.9m
2025
£111.0m
2024
£610.6m
2024
£58.4m
2024
£65.7m
2023 2022
£454.5m
2023 2022
£51.6m
2023 2022
£56.5m
£295.2m
£40.7m
£45.5m
Operational highlights Organic growth through integrated capabilities
Continued strategic acquisition journey OCU completed three acquisitions during the year, further strengthening our capabilities in energy transition, horizontal directional drilling, and water. These strategic additions are already driving revenue synergies, enhancing our workforce capacity, and broadening our geographic reach. Our disciplined integration approach makes sure these businesses are fully aligned with OCU’s operating model, delivering immediate value and supporting continued organic growth. Leading approach to asset investment OCU continues to lead with limited strategic fixed asset investments, introducing George, the UK’s largest pipe pusher, and the e-hotbox, the UK’s first electric hotbox. Additionally, our Tonghands technology represents the UK’s largest fleet of hands-free drilling rod management attachments, setting new standards in operational efficiency and safety.
Clarity in business units serving diverse markets OCU has refined its operating business units to clearly serve regulated and non-regulated markets, ensuring tailored attention to client needs and market demands. This strategic clarity has enhanced our operational effectiveness and market responsiveness, further solidifying our role as a multi-faceted infrastructure services provider. Maturity of Group Services Group Services at OCU have reached new levels of maturity, particularly in our safety culture with the ‘Think Safe + Work Safe = Home Safe’ initiative, and in sustainability with advanced reporting and strategic commitments being delivered. Digital transformation continues to reshape our workforce and back-office operations, enhancing efficiency, flexibility, and scalability across the Group.
OCU has secured new projects, including several battery energy storage systems (BESS), by leveraging enhanced capabilities from recent acquisitions and inherent expertise. This integrated approach has led to significant wins, including projects that blend design, engineering, horizontal directional drilling, and electrification, showcasing our ability to deliver complex solutions seamlessly. Evolution of a digital infrastructure team This year saw the evolution of a specialised digital infrastructure team at OCU, primarily focusing on fibre installation, maintenance, and data centre pre-enablement. Notable achievements include a significant contract for fibre maintenance, generating £40m annual revenue, and positioning OCU as a strong enabler in the future AI‑enabled economy.
1. OCU Group represents Oat Topco Limited and its consolidated subsidiaries detailed in note 24. 2. Results for all years reflect twelve months of trading.
3. Adjusted EBITDA and adjusted operating profit are defined on page 89.
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