CONSTRUCTION sector firm Morris & Spottiswood, which specialises in fit-out, housing and Mechanical & Electrical (M&E), has seen a return to pre-Covid turnover and profitability following a period of growth.
Turnover for the last financial year (ending December 2021) increased by 30% to more than £93m from almost £73m in 2020. The Group also achieved an operating profit of £1.1m, a 50% increase on the previous year. As well as growth in turnover and profitability, the accounts highlight the robust financial health of the business, with a strong balance sheet, low cost of debt and high level of secured workload for the year ahead.
With a track record of long-term clients, it is the well-established customer relationships that have been key to the success of bringing the turnover back up to pre-pandemic levels. The last year has seen the business expand its service offering while taking on large projects with key clients, including University of Glasgow, Circle Health Group, Britvic and Leeds Teaching Hospitals NHS Trust.
The Group continues to look for opportunities to expand the services provided to its clients, offering a true end to end delivery, from architectural support to mechanical and electrical engineering. An integral part of this strategy has been the acquisition of Livingston Building Services Limited earlier this year, which provides clients with mechanical and electrical services, delivered by in-house teams.
The strong performance follows a challenging year for the sector due to the continuing business disruption caused by the COVID-19 pandemic, as well as material price increases and resource shortages in the industry.
Jon Dunwell, Chief Executive Officer at Morris & Spottiswood, comments, “The last year has undoubtedly been a pivotal one for Morris & Spottiswood, and I’m proud to post such a strong set of financial results to December 2021.
“While we are mindful of continuing inflationary pressures and supply constraints on materials and labour, we anticipate further growth for 2022, with the year ahead looking strong. The acquisition of Livingston Building Services has expanded our offering for clients, giving us a real point of difference as a business and allowing us to provide a range of services cross a diverse mix of sectors.”
Founded in Glasgow in 1925, Morris & Spottiswood operates across the UK in fit-out, M&E and housing, with offices in Glasgow, Edinburgh, Warrington and Leeds.