DUNFERMLINE-based furniture and fit-out specialist Deanestor has reported a 35% increase in turnover to £19 million and a return to pre-pandemic profit levels.
Turnover rose by £5 million in the financial year ending 31st December 2022, while operating profit increased to £750,000.
Sales of £17.5 million have already been secured so far in 2023 with a ‘strong’ order pipeline which extends into 2025.
The business revealed it has continued to grow across its target markets of student accommodation, build-to-rent, healthcare, and education. Its turnover in Scotland has increased by 75% since 2021 to over £7 million last year.
Ramsay McDonald, MD of Deanestor in Scotland, said, “We are pleased to report that we had a solid performance last year and are on target with our growth forecast for 2023. We operate in diverse sectors which all remain buoyant despite the economic challenges, and we have maintained high levels of repeat business with some of the UK’s leading contractors and residential developers. This is testament to the hard work and commitment of our teams across the country.
“We have continued to grow our business in Scotland, particularly in the school building sector and following our acquisition of the Havelock brands in 2019. This has contributed to a very significant increase in sales in the past year and we have already secured over £6 million of orders for Scottish projects so far this year.
“We now have a strong foundation on which to grow and are continuing to invest in our people, in new cutting edge manufacturing technology, and in our production facilities and capacity.”
Deanestor has recently expanded its storage facilities to 200,000 sq ft with the addition of two new units in the East Midlands. The firm explained that this warehouse capacity allows customers to benefit from the manufacture of furniture products and the procurement of equipment at an earlier stage, helping to remove the risk of price inflation and material cost increases.
An additional CNC cutting machine will be installed at its manufacturing centre in Mansfield this autumn to further increase capabilities. 20 new jobs have been created in design, production planning, installation management, production and despatch to support Deanestor’s growth.
New projects include a contract worth more than £3 million for Robertson Group to fit-out a new secondary school campus in Dundee and the manufacture and installation of fitted bedroom furniture and kitchens for seven three-storey buildings under construction by EQUANS for the University of Birmingham.
