RSK reports strong financial performance with continued growth across core markets

RSK Group Limited has today published its annual report and consolidated financial statements for the period from 1 April 2024 to 6 April 2025.

Financial highlights for the period:

• Revenue of £2.2 billion, up 21% over the previous year
• Net fee income of £1.1 billion, up 13% over the previous year
• EBITDA of £122.4 million, up 3% over the previous year
• £105.8 million cash generated from operations, up 12% over the previous year and illustrating an 86% free cash flow conversion
• £176.8 million cash at bank, up 34% over the previous period

RSK founder and Chief Executive Officer Alan Ryder said that RSK is delivering a profoundly positive impact in the world and, in a time when the need for sustainable change has never been greater, it’s imperative that we continue to develop solutions to transform our world.

Commenting on global issues, he said: “Throughout the year, we witnessed some changing rhetoric around the global sustainability agenda, particularly in the United States. Pleasingly, this has not impacted market demand in the regions where we operate and, in contrast, opportunities continue to increase at pace.”

RSK Interim Chief Financial Officer Frank Herlihy noted that RSK’s financial performance in the year was strong, with turnover, net fee income, EBITDA and cash generated from operations all up compared to the previous year.

Speaking to the group’s growth strategy, Frank said: “RSK continues to invest heavily in business growth, both organically and through acquisitions, to deliver long-term value creation. This has been essential as we further enhance the group’s capabilities, expand its geographic footprint and position RSK as a global leader. The benefits of this investment-led approach – including future revenue growth, operational synergies and improved margin performance – will be realised in the medium to long term.”

Alan added: “Reflecting over a longer period, the growth trajectory we’ve witnessed in RSK over the past five years fills me with great confidence in our strategy and the markets we serve. During this time, we have taken the business from one that was generating an annual revenue of £275 million (2020) to one that is now generating in excess of £2 billion, with a compound annual growth rate of 52% during this period.”

RSK remains focused on four core market sectors that are most critical to a more sustainable future.

Commenting on performance in each of these sectors, Frank notes: “Diversification across end markets has long been a strength of RSK, and our 2025 results help to showcase our leadership position in these markets. Water, which accounted for 43% of the revenue generated in the period, increased 25% year-on-year. Energy and the built and natural environment sectors each accounted for 21% of the total revenue generated and also performed well, growing at 9% and 14%, respectively. Representing 14% of total revenue for the group, infrastructure was our fastest growing segment in the year, with 36% growth over the previous period.”

Looking at what sets RSK apart in the market, Alan said a differentiator is RSK’s large family of businesses, each led by a very capable management team and governed by a board of directors.

Alan added: “Our businesses are recognised leaders in their respective fields, delivering high-value services to clients with whom they have built long and trusted relationships. RSK’s business model brings these businesses together, identifying areas where cross-selling, vertical integration and collaboration generate added value for our clients and our people. Internally, we refer to this as the lily pad model, where each of our businesses or specialist service offerings is a lily pad, thriving in its own environment, but the real benefit occurs when multiple lily pads come together and begin to overlap.

“While our approach to revenue synergies is not new, we’ve doubled down our focus in this area, kicking off several new initiatives to further increase organic growth through additional cross-selling and internalisation of work.”
The group completed 11 acquisitions during the year, strengthening its offering in the UK, Australia and Africa. Through these acquisitions, RSK welcomed new colleagues from eb7, Apollo Strategic Communications, 3BM Group, Kendall Kingscott, Edge Impact, Pegasys, N-Able Group and Elsym Installations.

Alan said that, looking ahead, the board is excited about the opportunities for RSK. “We are targeting continued growth, both in revenue and EBITDA, as we seek to capitalise on the strong market conditions and drive revenue synergies across the group. Alongside this, RSK plans to continue to execute its acquisition strategy, bringing specialised businesses into the group to further develop our end-to-end sustainable solutions offering in the core markets of water, energy, infrastructure and the built and natural environment.”

The full RSK Annual Report can be found here. RSK has also published the group’s FY25 Sustainability Report, which can be read here.