2024 Revenue at £186m (an increase of 21% from £154m in 2023)
EBITDA at £5m (an increase of 572% from £744k in 2023)
We are delighted to announce that our portfolio company, Everflow, the technology-driven utility provider catering to businesses across the UK, has reported strong growth for the year ending 2024, supported by the launch of new service lines and continued customer acquisition.
The company saw revenue increase by 21% to more than £186 million, with EBITDA increasing by 572% to £5 million, reflecting a year of solid operational performance and diversification. Its customer base grew by 16%, from 94,431 to 110,411, while maintaining healthy retention rates of approximately 98%.
Everflow further strengthened its position in the UK utilities market, overtaking two incumbent suppliers to become the 5th largest water provider. The business also expanded into the telecommunications sector with the launch of its Connectivity services, offering a suite of broadband and phone products tailored to the needs of UK SMEs. This follows the successful launch of its Refuse services, aligning with its long term aim of simplifying utilities by bringing multiple services under one roof.
Craig Dallison, CEO at Everflow, said: “Everflow launched with the ambition of making utilities simpler for businesses, challenging the status quo with a customer-centric service that offers greater transparency and competition. Our growth and customer retention rates are testament to the support and innovative solutions we offer businesses that set us apart from other providers. As we scale and expand our offering, proprietary technology will become increasingly core to improving the responsiveness of our services, to continue saving businesses time and money.”
To help lead the company into its next phase of strategic growth, Everflow has appointed Paul Lucherini as Chief Commercial Officer. Bringing with him a strong track record in scaling businesses and optimising go-to-market strategies, Paul will be driving Everflow’s strategic direction and expansion into new markets.
Paul has held senior leadership roles in high growth startups and large enterprises, with experience in driving revenue growth, scaling businesses, and delivering strategic transformations across SaaS, eCommerce, technology, and infrastructure sectors.
Paul Lucherini, CCO at Everflow, commented, “Everflow has an exciting vision for sustainable utilities, and I’m thrilled to join the team at such a pivotal time. I look forward to driving commercial success and building on Everflow’s momentum in the industry.”
Mike Rothwell, Investment Manager at Perwyn, added: “We remain incredibly impressed with Everflow’s performance. The business continues to scale rapidly while maintaining exceptional service and retention metrics. Its expansion into telecoms has further developed its integrated utility solution for SMEs, and we look forward to supporting the company as it continues its upward trajectory.”