Financial statements
Strategic report
Governance
130 OCU Group Annual report and financial statements 2026
Notes to the consolidated financial statements continued for the year ended 30 April 2026
27. Business combinations continued FY26 acquisitions continued Valmech
AEC £000
Valmech £000
Pilecom £000
Bam Bam £000
Total £000
Non-controlling interest of net assets
(5,807)
— (3,584)
(2,038)
(11,429)
On 6 November 2025, the Group acquired 100% of the ordinary share capital of Valmech Welding Limited (‘Valmech’) for initial consideration of £3.2m, deferred consideration of £0.7m and contingent cash consideration of up to £2.5m dependent on post-acquisition EBITDA performance. Valmech provides mechanical services including district heating installations, plant rooms, heating and domestic pipework services and gas pipework across the UK. Pilecom On 29 December 2025, the Group acquired a 60% indirect shareholding in Pilecom Pty Limited, Pilecom Hire Pty Limited and Pilecom East Pty Limited (together, ‘Pilecom’), for initial consideration of £22.9m, deferred consideration of £1.5m and contingent consideration of up to £20.7m dependent on post-acquisition EBITDA performance. Based in Perth, Australia, Pilecom are specialists in the mechanical installation of critical solar projects, and provide services including pile testing and geotechnical investigations, precision pile driving and hard rock drilling. Bam Bam On 31 December 2025, the Group acquired a 36% indirect shareholding in Bam Bam Pile Driving Pty Limited and its wholly owned subsidiary Bam Bam Pile Driving NZ Limited, and Bam Bam Machinery & Maintenance Pty Limited (together, ‘Bam Bam’), for consideration of £5.9m. The Group has overall control over Bam Bam through voting rights. A put/call option is in place over the remaining 40% of the ordinary share capital of Bam Bam (see note 17 for further details).
Goodwill
55,451
4,845
40,324
4,852
105,472
Cost of the business combination
64,161
5,434
45,700
5,998
121,293
Comprising: Cash
43,728
3,162
22,935
5,932
75,757
Deferred consideration
—
736
1,466
— 2,202
Contingent consideration
— 1,293
20,712
— 22,005
Preference shares
18,955
—
—
— 18,955
Total consideration payable
62,683
5,191
45,113
5,932
118,919
Directly attributable fees
1,478
243
587
66
2,374
Total cost of acquisition 121,293 The goodwill arising from all acquisitions is attributable to the expertise and experience of the workforce and economies of scale that will arise from combining the operations with the Group. In each instance, management has estimated the useful life of the goodwill to be ten years. 64,161 5,434 45,700 5,998 Acquisition performance Since their respective acquisition dates, the acquired entities have contributed £60.1m to turnover and £4.9m of profit before tax to the Group.
Acquired net assets
AEC £000
Valmech £000
Pilecom £000
Bam Bam £000
Total £000
Property, plant and equipment
FY25 acquisitions Details of acquisitions in the prior year are provided in the prior year financial statements.
19,619
198
3,790
2,361
25,968
Other non-current assets
16
—
16
—
32
Cash and cash equivalents
5,171
388
6,205
1,878
13,642
McCormack Drilling On 22 October 2024, the Group acquired 100% of the ordinary share capital of Carmar Ltd and its subsidiary Peter McCormack & Sons Limited (together ‘McCormack Drilling’). During the year, it was discovered that tangible fixed assets were overstated by £0.7m at acquisition, therefore goodwill and tangible fixed assets have been revalued in the current year accordingly.
Stock
750
—
47
—
797
Trade and other receivables
5,270
1,568
1,990
1,220
10,048
Trade and other payables
(9,361)
(1,580)
(3,088)
(2,017)
(16,046)
Lease liabilities
(5,131)
(82)
— (258)
(5,471)
No adjustments have been made to the figures previously reported for the other acquisitions.
Borrowings
(2,544)
—
—
— (2,544)
Deferred tax
727
97
—
—
824
Total identifiable assets
14,517
589
8,960
3,184
27,250
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