MORRIS & Spottiswood has reported that it has exceeded pre-Covid turnover and more than doubled profitability over the last year.
The firm, which specialises in fit-out, housing and mechanical & electrical services (M&E), revealed turnover for the financial year ending 31 December 2022 increased by 10% to more than £102 million.
The group also more than doubled its profitability year-on-year, having achieved an operating profit of £2.3 million.
Alongside the £2.5 million growth in net assets, Morris & Spottiswood added that the accounts highlight the ‘robust’ financial health of the business, with a ‘strong balance sheet, low debt, a high percentage of secured workload, and good pipeline visibility’ for 2024.
The acquisition of Livingston Building Services into the group of companies was dewscribed as a key driver for growth. The last year has also seen the group expand across the public sector with framework appointments, including NEPO, YORbuild and The Common Services Agency (NHS National Services Scotland) Minor Works Framework.
Jon Dunwell, CEO at Morris & Spottiswood, said, “Over the last twelve months, we have continued to invest in business growth and client relationships, so I’m thrilled to post this strong set of financial results to December 2022. As we continue to monitor market fluctuations and impacts on materials and labour, we are in a strong position to manage these uncertainties over the next year.
“The incorporation of Livingston Building Services and public sector framework appointments have generated substantial growth opportunities for the business, supporting future profitability and stability.”
