Morris & Spottiswood celebrates 89 per cent rise in operating profit after expanding M&E services across the UK

Alongside a 35 per cent increase in turnover, rising from £128 million in 2023 to £172.5 million last year, the group delivered an 89 per cent boost to its operating profit, rising to £4.7 million in 2024 from £2.5 million the year prior. 

At the year end, Morris & Spottiswood’s balance sheet showed improved liquidity, with the group’s net cash position up from £11.8 million in 2023 to £21.8 million last year, while also bringing down external debt to £1.4 million.  

This strong performance was also reflected in the group’s EBITDA result, which rose to £7.1 million from £4.7 million the year before.  

Bosses at Morris & Spottiswood said the results were in part due to the growth of its M&E business, Livingston Building Services, which has seen its turnover increase from £54 million to £70.7 million following increased demand in the financial sector and critical infrastructure projects. 

The addition of carbon reduction consultancy, crbn solutions, and growth within the group’s specialist services businesses also supported the results.   

Absorbing ISG’s Cathedral business 

Last year, Morris & Spottiswood acquired the former ISG Cathedral business from the collapsed contractor, safeguarding more than 100 jobs. The acquisition led to the establishment of Morris & Spottiswood England, a new division within the group, alongside existing businesses Morris & Spottiswood Scotland and Livingston M&E.  

Though well established within the Scottish market and the north of England, the addition of Morris & Spottiswood England increased the group’s national footprint to 10 offices across the UK from Glasgow to Whitstable.  

The company was also able to offer in-house joinery services from its Whitstable office, and its in-house design company McLennan announced plans to open a London base. 

Morris & Spottiswood said in November last year the acquisition of ISG’s Cathedral business could generate up to £100 million in revenue for the company across the next 15 months. 

Last year Morris & Spottiswood also acquired JB Engineering, a specialist provider of offsite fabrication services, as a subsidiary of Livingston Building Services. 

‘Sustainable and profitable growth’ 

Morris & Spottiswood was founded as a modest joinery workshop in Glasgow by WWI veteran George Morris and his friend John Spottiswood.   

From humble beginnings on the company’s first project – a new post office for the village of Arrochar – the Morris & Spottiswood of today is delivering major projects throughout the UK including a head office for Lloyds Bank in London. 

Jon Dunwell, CEO of Morris & Spottiswood, said: “These results reflect not only growth, but sustainable and profitable growth. We’ve focused on building capacity across multiple markets, with strategic diversification into new sectors and geographical areas, while consolidating our presence in the financial, public and food retail sectors. 

“This has enabled us to deliver strong performances across key accounting metrics, while maintaining a prudent financial structure that positions us well for continued expansion.  

“The additions we made to the team at the end of last year have further strengthened our capabilities which, combined with our increased liquidity, stand us in good stead for achieving our strategic growth plans throughout 2025.” 

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