Morris & Spottiswood, a UK-based construction company, has announced a record financial performance for 2023, marking the highest turnover in its nearly 100-year history.
The company's turnover surged by 25% to £128m ($171.18m), up from £103m in the previous year.
Morris & Spottiswood Ltd, part of the Morris & Spottiswood Group, also reported a 9% increase in operating profit, reaching £2.5m for the year ending 31 December 2023.
The financial statements underscore the company's financial health, showcasing a strong balance sheet, impressive earnings before interest, taxes, depreciation, and amortisation, low debt levels, a high percentage of secured workload, and clear pipeline visibility for the upcoming year.
The growth was attributed to several key factors, including the expansion of the group's sector strategy, a robust performance in the public sector, and an uptick in business across England.
Additionally, the success of Livingston Building Services Limited, the group's mechanical and electrical business acquired in February 2022, significantly contributed to the positive results.
Livingston Building Services reported that its turnover climbed 19% to £54m from £46m in 2022, and a strong operating profit of £3.2m.
Morris & Spottiswood CEO 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.”
