Blog: Building a Platform for Long-Term Growth by Peter Smith, Chief Executive Officer, EARNZ

Building a Platform for Long-Term Growth by Peter Smith, Chief Executive Officer, EARNZ

When I joined EARNZ as Chief Executive Officer in July 2025, the Group was at an early but promising stage of its journey. Two businesses were in place, a clear strategy had been set and the foundations for something significant were beginning to take shape. Twelve months on, the picture looks considerably different and considerably more encouraging.

The publication of our audited results for the year ended 31st December 2025 marked an important moment for the Group. Revenue grew from £2.6 million to £11.8 million, reflecting the full year contribution of Cosgrove & Drew and South West Heating Services alongside the contribution from our most recently acquired business at that time. More significantly, we reached positive adjusted EBITDA for the first time, a milestone that demonstrates the underlying strength of our operating businesses and their ability to support the costs of running a listed group. The recent AGM, at which all resolutions were passed, provided a further opportunity to reflect on that progress with our shareholders and to look ahead with confidence.

But results and milestones are only part of the story. What matters more is what they represent and where they point.

The energy services sector in the UK is undergoing a fundamental shift. The government's commitment to improving the energy performance of housing stock, reducing fuel poverty and decarbonising buildings is creating sustained, long-term demand for the services our businesses deliver. The Warm Homes Plan, the Boiler Upgrade Scheme and the range of funding mechanisms now in place are not short-term initiatives. They represent a structural change in how the country approaches its buildings, its energy use and its carbon emissions. For EARNZ, this is the environment in which we are building our group and it is a compelling one.

Our strategy is straightforward. We are acquiring high-quality regional businesses that deliver practical energy and retrofit services, combining their local expertise and established client relationships with the scale, governance and support that comes with being part of a listed group. Each acquisition adds capability, geography and depth to what we can offer. Each business we bring into the group makes the whole stronger.

The acquisition of Zero Carbon Group in March 2026 is a good example of this in practice. Founded in 2019 and operating across the North West, North East, Yorkshire and the Midlands, Zero Carbon Group brings significant retrofit delivery capability, strong public sector relationships and a team with deep experience in whole-house energy efficiency solutions. Their fabric-first approach, combined with their track record in social housing, complements what our other businesses do and extends our reach into parts of the country where demand is high and growing.

Alongside our acquired businesses, our newer businesses continue to develop, mobilising contracts and building the operational foundations that will underpin their contribution to the group in the months and years ahead. Cosgrove & Drew continues to perform strongly, with a healthy order book and a reputation that keeps clients coming back. South West Heating Services is investing in capability, including the skills needed to deliver low-carbon heating technologies as the market continues to shift in that direction.

Across all of our businesses, the common thread is operational quality. We are not building a group of businesses that simply carry the EARNZ name. We are building a group where each business is genuinely excellent at what it does, where clients are well served and where the people on the ground are proud of the work they deliver. That is the kind of group that creates lasting value for shareholders, for clients and for the communities in which we operate.

Getting that right requires more than a good strategy. It requires investment in the right people and the right support structures. Over the past year we have strengthened the central team, bringing in experienced professionals across people management and health and safety to ensure that our operating businesses are properly supported as they grow. We have also taken space in a managed office in London to give the group a central presence that reflects where we are heading. These are not large costs in the context of the opportunity ahead, but they are important investments in the infrastructure that a growing group needs to operate effectively and responsibly.

The market opportunity ahead of us is significant. The primary market in which we operate is believed to be worth more than £10 billion. We are at the early stages of capturing our share of it. The sector is highly fragmented, which creates real opportunities for a well-run consolidator with the experience, relationships and financial discipline to identify the right businesses and integrate them effectively. With the right businesses, the right people and the right strategy, I am confident that EARNZ is well positioned to do exactly that.

There is more to come. We continue to develop our pipeline of potential acquisitions, focused on businesses that share our values and that add genuine capability to the group. We are also focused on organic growth, deepening our client relationships and winning more work from the clients we already serve. Both paths are open to us and we intend to pursue both with discipline and ambition.

I would like to thank everyone across the EARNZ group for their contribution over the past year. Building a business of this kind requires commitment, hard work and a genuine belief in what we are trying to achieve. I see that every day across our teams and it gives me great confidence in what lies ahead.