Offsite specialist Merit has delivered a strong set of financial results as it outlines plans for a third factory in the UK.
Turnover for the year ended 30 June 2023 was £94.3 million, compared to £63.7 million in the previous year.
Gross profit for the Northumberland company was reported at £16.8 million (FY2022: £11 million).
While operating profit for the group was reported at £8.3 million, compared to £4 million in the prior period.
Pre-tax profit in the year to 30 June 2023 for Merit was £8.3 million (FY2022: £4 million), while profit for the year was £8.2 million (FY2022: £3.7 million).
Dividends paid during the period totalled £3 million (FY2022: £ Nil). Directors did not recommend payment of a final dividend.
Net assets were valued at £16 million, compared to £10.8 million the year before.
Merit’s key markets are the healthcare, pharmaceutical, bioscience and semiconductor sectors.
“A third factory is being considered in the UK alongside a similar project overseas and, given the significant scale of such an investment with associated job creation, it is likely the decision for that location will rest on available support from national and regional government partners either here in the UK or overseas,” said Merit Group.
Merit recently expanded its Cramlington factory to 270,000 sq. ft and has received planning permission to add 127,000 sq. ft onto its second factory.
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