Morris & Spottiswood Ltd grew turnover by 25% in the year to 31st December 2023, reaching £128m (2022: £103m).
Pre-tax profit was up 27% at £2.8m (2022: £2.2m), while operating was of £2.5m (2022: £2.3m).
Sister company Livingston Building Services Ltd, the group’s mechanical & electrical business that was acquired in February 2022, increased turnover by 19% to £54m (2022: £46m), with a solid operating profit of £3.2m.
Morris & Spottiswood chief executive Jon Dunwell said: “Despite a challenging external landscape, we have reported our highest ever turnover for the year to December 2023. Over the last 12 months, we have continued to invest in business growth and client relationships, which has served us very well.
“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.”
