Morris & Spottiswood exceeds pre-pandemic turnover
Morris & Spottiswood has exceeded pre-Covid turnover and more than doubled profitability over the last year.
The Glasgow-based construction group - which specialises in fit-out, housing, mechanical and electrical services - reported a 10% rise in turnover from £93m in 2021 to more than £102m in 2022.
Results for the financial year ending 31 December 2022 also revealed an operating profit of £2.3m and £2.5m growth in net assets year-on-year.
The acquisition of Livingston Building Services[1] into the group was a key driver for growth, while the last year also saw expansion across public sector with framework appointments, including NEPO, YORbuild and The Common Services Agency (NHS National Services Scotland) Minor Works Framework.
Despite material price increases and continuing market uncertainties, Morris & Spottiswood’s chief executive Jon Dunwell said the business has continued to invest in business growth and client relationships.
“As we continue to monitor market fluctuations and impacts on materials and labour, we are in a strong position to manage these uncertainties over the next year.
“The incorporation of Livingston Building Services and public sector framework appointments have generated substantial growth opportunities for the business, supporting future profitability and stability.”
Founded in Glasgow in 1925, Morris & Spottiswood now has offices in Glasgow, Edinburgh, Livingston, Warrington and Leeds.
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References
- ^ Livingston Building Services (www.insider.co.uk)
- ^ sign up here for free (www.insider.co.uk)
References
- ^ Livingston Building Services (www.insider.co.uk)
- ^ sign up here for free (www.insider.co.uk)
References
- ^ Livingston Building Services (www.insider.co.uk)
- ^ sign up here for free (www.insider.co.uk)