LIVINGSTON Building Services (LBS) has reported ‘exceptional’ growth in the last year after tripling its turnover and forecasting continued development into 2023.
The firm specialises in mechanical and electrical engineering services and reported turnover for the last financial year of £37 million, with an operating profit of £2.4 million.
As well as growth in turnover and profitability, the accounts highlight the ‘robust’ financial health of the business, with a ‘solid’ balance sheet, a low cost of debt, and a high level of secured workload for the year ahead.
After becoming part of the wider Morris & Spottiswood Group earlier this year, LBS has tapped into its parent company’s framework of clients to successfully win new, larger projects.
The business has also invested in expanding its core capabilities to provide a suite of in-house services, from design through to installations, commissioning and aftercare, to both public and private sector clients. These include NHS Greater Glasgow and Clyde, Britvic, City of Edinburgh Council, and Fife Council.
LBS added that it continues to develop its capabilities with the recent appointments of Jon Monk, high voltage (HV) director; and Keith Robertson, fibre and data manager. The firm said the new appointments will allow it to increase delivery of services in critical environments and fibre optic and data installations for various projects, including supervisory control and data acquisition (SCADA) systems for onshore and offshore wind farms.
Furthermore, LBS added that it will further expand its services supporting the energy transition and energy efficiency across sectors, such as the installation of electric vehicle charging infrastructure and an energy efficiency consultancy and installation business.
Lindsay Anderson, MD at LBS, said, “The last 12 months have seen incredible growth across our business as we reap the benefits of joining the wider Morris & Spottiswood Group. We are an agile team for a business of our size and our ability to quickly mobilise and collaborate effectively with clients is one of our key offerings.
“As we continue to grow and diversify our services, our focus is on providing flexible, efficient and bespoke solutions for our clients’ building services requirements.”