MORRIS & Spottiswood has announced its ‘best ever’ consolidated financial results, highlighting growth in turnover, profit and cash reserves during 2024.
The group, which is celebrating its centenary year, saw turnover increase by 35%, rising from £128 million to £172.5 million. Operating profit surged by 89% to £4.7 million, up from £2.5 million.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) grew to £7.1 million, compared to £4.7 million in 2023. Meanwhile, net cash position has increased from £11.8 million to £21.8 million, while external debt has been reduced to £1.4 million.
The group attributed the success in part to the growth of its M&E business Livingston Building Services, which saw turnover increase from £54 million to £70.7 million. The business nearly doubled its operating profit to almost £6 million.
In October 2024, the group onboarded senior leadership and delivery teams, with associated contracts. Morris & Spottiswood explained that while this expansion contributed to the financial results ‘to an extent’, the addition has had ‘limited impact’ on the overall figures, given that it took place towards the end of the year.
Jon Dunwell, CEO of the Morris & Spottiswood Group, said, “These results reflect not only growth, but sustainable and profitable growth. We’ve focused on building capacity across multiple markets, with strategic diversification into new sectors and geographical areas, while consolidating our presence in the financial, public and food retail sectors.
“This has enabled us to deliver strong performances across key accounting metrics, while maintaining a prudent financial structure that positions us well for continued expansion. The additions we made to the team at the end of last year have further strengthened our capabilities which, combined with our increased liquidity, stand us in good stead for achieving our strategic growth plans throughout 2025.”
