LIVINGSTON Building Services Limited (LBS), a specialist in mechanical and electrical engineering services, has reported strong growth in the last year, with improved turnover and profitability and a positive forecast of continued development into 2024.
Turnover for the last financial year (ending December 2022) increased by 23% to £46m, with an operating profit of £3.2m, an impressive 32% increase on the previous year, largely driven by an increased workload in projects such as data centres, services infrastructure, and large office fit-out projects. The accounts highlight the robust financial health of the business, with a solid balance sheet, low debt, good liquidity and a significant increase in the net assets.
The financial health of the business gives LBS’ directors confidence that the company retains the flexibility required in the current marketplace to ensure long-term profitable growth. This includes taking steps to mitigate risks from price rises by bulk buying and maintaining a stock of key materials and components, as well as ensuring tenders continue to be priced accordingly. The company also remains in a strong position to cope with these uncertainties with strong liquidity, as well as a high level of secured workload for the year ahead.
LBS has focused on the expansion of its core capabilities to provide a suite of comprehensive in-house services, from design through to installations, commissioning, and aftercare, to both public and private sector clients. In the public sector, growth has been supported by a strong network of framework appointments, including the Pagabo Mechanical & Electrical Solutions Framework; NHS Greater Glasgow & Clyde; NHS Lanarkshire’s Plumbing and Electrical Frameworks; Perth & Kinross Council Mechanical Framework; and Fife Council Gas Maintenance Framework.
Lindsay Anderson, managing director at LBS, said: “2022 was a challenging year with uncertainties around Brexit, the war in Ukraine, and the impact of the COVID-19 pandemic, but we are proud to have achieved incredible growth across our company. As an agile business that can react and adapt quickly, and with a strong network of suppliers that allows us to provide a comprehensive offering, we have established strong, long-term partnerships.
“As we continue to grow and diversify our services, our focus is on providing flexible, efficient and bespoke solutions for our clients’ building services requirements.”
LBS operates across the UK from sites in Livingston, Glasgow, Warrington, Leeds, and London.
For further details about Livingston Building Services, please visit livingstonme.co.uk.