#United States #Lewisville #Government Services #MCS #Commercial Services

MCS Reports Robust Growth and Significant Milestones in 2024

In a remarkable year of progress, MCS, the national property services provider established in 1986, has reported impressive growth and key milestones across its various service lines during 2024. The company has noted a notable increase in its total revenue, particularly within its Commercial and Residential Services sectors. Furthermore, MCS has successfully launched a new division focused on Government Services amidst a landscape where foreclosure volumes remain historically low but Mortgage Services continue to thrive.

Operational Highlights of 2024

Craig Torrance, MCS's CEO, stated, "It was a year of progress company-wide as overall business revenue increased over 30% and EBITDA more than doubled year-over-year, performing above where MCS was last year across all business lines." These achievements are attributed to strategic acquisitions, exceptional client service, and enhanced operational efficiencies.

Breakdown of Key Business Segments

• - Commercial Services: The company significantly expanded this segment, which now includes Chain Store Maintenance. MCS successfully completed over 97,000 client work orders, marking nearly a 50% increase from 2023. Revenue for this division jumped nearly 70%, bolstered by enhancements in technology platforms and an improved recruiting process for service partners.

• - Residential Services: MCS strengthened partnerships with 85% of the top 30 single-family residential owner/operators, executing over 170 renovation projects nationwide for major mortgage insurers. This segment has experienced dramatic growth with revenue more than doubling compared to the previous year, primarily driven by an increase in restoration projects.

• - Mortgage Services: A highlight for MCS was the acquisition of Five Brothers, enhancing its capabilities in reverse mortgage services. Contracts with major clients were extended, and the introduction of self-performing property preservation services in Columbus, OH, marked a significant diversification of offerings.

• - Government Services: A new business line was launched in 2024 enabling MCS to extend its maintenance services to federal agency properties. This segment is already securing contracts and tapped into the U.S. General Services Administration's OASIS+ program, positioning MCS for growth in federal services.

Additional Accomplishments

MCS's successful year is underpinned by notable accomplishments, including:

• - Closing a $112 million refinancing deal to enhance their financial capacity.
• - Expanding self-performing services to 32 markets and incorporating licensed HVAC services into five states.
• - Nearly 150 employees participated in community service initiatives during the summer, showcasing MCS's commitment to community engagement.
• - Appointing veteran finance executive Charlie Plummer as the new Chief Financial Officer.
• - Receiving accolades such as the SFR CEO of the Year award for Mr. Torrance at IMN's 3rd Annual SFR Industry Awards.

Remarking on the year, Torrance added, "Overall, MCS had a great year financially and operationally. We made tremendous progress and had remarkable success in launching our Government Services business and growing existing lines. Our strong team positions us for another prosperous year ahead in 2025."

Conclusion

MCS's dedicated focus on innovative strategies, enhanced service offerings, and robust client relationships has not only fostered significant revenue growth but has also cemented its status as a leader in property services. With a forward-looking approach, MCS is set to build on this momentum into the future.