CONSTRUCTION business Morris & Spottiswood has announced a return to pre-Covid turnover and profitability following a period of growth.
Turnover for the financial year ending December 2021 increased by 30% to more than £93 million for the firm, which specialises in fit-out, housing, and Mechanical & Electrical (M&E) projects.
The group also achieved an operating profit of £1.1 million, a 50% increase on the previous year. Morris and Spottiswood also highlighted a ‘strong balance sheet, low cost of debt and high level of secured workload’ for the year ahead.
The performance follows a ‘challenging’ year for the industry due to the continuing disruption caused by the pandemic, as well as material price increases and resource shortages.
Jon Dunwell, CEO at Morris & Spottiswood, said, “The last year has undoubtedly been a pivotal one for Morris & Spottiswood, and I’m proud to post such a strong set of financial results to December 2021. While we are mindful of continuing inflationary pressures and supply constraints on materials and labour, we anticipate further growth for 2022, with the year ahead looking strong.
“The acquisition of Livingston Building Services has expanded our offering for clients, giving us a real point of difference as a business and allowing us to provide a range of services cross a diverse mix of sectors.”
