Construction group exceeds pre-pandemic turnover

Construction group Morris & Spottiswood, which specialises in fit-out, housing and mechanical & electrical services (M&E), has continued its strong growth, exceeding pre-Covid turnover and more than doubling profitability over the last year.

Turnover for the last financial year (ending 31 December 2022) increased by 10% to more than £102m, from over £93m in 2021. The group, which has an office in Leeds and Warrington, also more than doubled its profitability year-on-year, having achieved an operating profit of £2.3m.

Alongside the £2.5m growth in net assets year-on-year, 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 Morris & Spottiswood group of companies, was a key driver for growth, enabling it to reinforce its ability to offer and deliver an end-to-end service for customers. Its well-established customer relationships and strong track record for delivering high-quality services were also key to delivering turnover in excess of pre-pandemic levels. 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.

Despite material price increases and continuing market uncertainties, the group’s strong financial performance keeps it on track to achieve its key targets, as part of its ten-year strategic plan, with 2022 results reaching forecast levels.

Jon Dunwell, CEO, 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.”