Construction group turnover grows to more than £100m
Leeds-based construction firm Morris & Spottiswood has confirmed another strong performance in its newly published year-end financial results for 2018.
The fit-out and M&E (Mechanical & Electrical) specialist, which operates from Nash House in the Hunslet area, said its turnover for the year ended December 31 2018 stood at £82.4m, up 2% cent on 2017.
Underlying profitability improved by 13% to £2.6m, reflecting continued investment in the company’s 10-year strategy to build sustainable turnover in growth sectors, and further develop client partnerships.
Turnover for the Morris & Spottiswood group as a whole was £102m during the period, with a target to reach £150m by 2026.
Jon Dunwell, Morris & Spottiswood’s CEO, said the firm’s continued success was particularly impressive when measured against a backdrop of continuing uncertainty and volatility in the marketplace, with a lack of clarity over Brexit resulting in clients being cautious about spending.
Dunwell said the company sees most growth potential in England driven by its Leeds and Warrington offices. There will be a focus on winning work in the Northern Powerhouse, with the business aiming to secure national frameworks, commercial office and M&E work, as well as fit-out contracts.
Morris & Spottiswood’s headcount also grew throughout 2018, with the company taking on eight new starters during the year, demonstrating its ongoing commitment to skills development and training.
Dunwell said the company remains in a very strong financial position, with turnover expected to grow as planned in 2019 and beyond.
“The business continues to enjoy uncomplicated private ownership and has no borrowings or external investment, allowing the directors to make decisions appropriate for the development of the business in the medium to long term, without being pressured into short-term targets,” he said.
“Cash management remains fundamental to the business. Ensuring robust financial health gives the directors confidence that the company can retain the flexibility to ensure longer term profitable growth.
“The company continues to benefit from several established customer relationships and has achieved key framework wins within the period which further future proofs the business against a potential economic downturn.
“Existing client relationships are fundamental to the business, with ongoing improvement and investment in both people and processes pivotal to the future success of the company, our workforce and clients.”
He said 2018 also saw investment in a modernised and refreshed brand, designed to amplify Morris & Spottiswood’s values consistently.
He said: “Our refreshed brand signifies change and supports the roll-out of our company strategy. The design systems that underpin it cut out complexity and provide the flexibility and scope to ensure we have a brand that is fit for the future.
“Our company is built upon a rich history and our new identity reflects better who we are – and the family values that are at the heart of our business.”
