Marlowe delivered a strong financial performance in FY25E, with adj. PBT of £18.5m ahead of our forecast (£15.5m). After a period in which M&A was paused while full integration of past deals was completed, Marlowe today also announces the bolt-on acquisition of SludgeTek, a provider of specialist services to the waste management and manufacturing sectors, for an expected EV of £6.2m (3.6x EV/adj. EBITDA), as the group continues to pursue opportunistic deals. It has been a transformational year f ....
