Scottish construction firm Morris & Spottiswood has reported its highest turnover in its almost 100-year history.
Morris & Spottiswood Limited grew revenue by 25 per cent in the year to 31 December 2023, to £128 million (FY2022: £103 million), generating an operating profit of £2.5 million, up 9 per cent on the previous year.
Growth was primarily driven by a strong public sector, increased business across England and its M&E division, Livingston Building Services, acquired in February 2022.
Livingston generated turnover of £54 million, up from £46 million in 2022, and an operating profit of £3.2 million.
The M&E business also has no external debt and very strong liquidity.
Alongside increased turnover and profit, Morris & Spottiswood has a strong balance sheet with low debt as well as a high volume of secured work and good visibility for the year ahead.
CEO Jon Dunwell said: “Our sector strategy, to both grow and expand across a diverse range of sectors, has proven highly effective and has returned positive results.
“In addition, we’ve been appointed to a number of public sector frameworks, which have generated a healthy pipeline of opportunities supporting future profitability and stability.
“We have also continued to develop our portfolio of end-to-end services through our group of companies with a focus on providing flexible, efficient and bespoke solutions for our clients.
“Our prudent fiscal management and long-term strategy continues to provide an exceptionally strong platform for sustainable growth.
“Agile and ambitious, we have recently been able to support our clients and industry through turbulent changes in the major supply chain which will further accelerate our growth in 2025.
“The market continues to fluctuate, but we are in a strong position to navigate changes and we’re looking forward to continuing our growth performance in our 100th year.”
Founded in Glasgow in 1925, the Morris & Spottiswood Group has a portfolio of eight businesses, operating across the UK, with offices in Glasgow, Livingston, Warrington, London, Carlisle and Leeds.
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