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Multi-skilled, end-to-end services provider, Morris & Spottiswood has reported its best-ever consolidated financial results, achieving exceptional growth in turnover, profit and cash reserves during 2024, driven by strategic sector growth and diversification and operational excellence across its business portfolio.
The Group, which is currently celebrating its centenary year, saw turnover increase by 35 per cent, rising from £128 million in 2023 to £172.5 million in 2024. Perhaps more significantly, the annual accounts also saw operating profit surge by 89 per cent to £4.7 million, up from £2.5 million the previous year.
This strong performance is similarly demonstrated by the Group’s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) which grew to £7.1 million, compared to £4.7 million in 2023. Meanwhile, it has also strengthened its liquidity, increasing net cash position from £11.8 million to £21.8 million, while reducing external debt to a low position of just £1.4 million.
The success can be attributed in part to the growth of its M&E business Livingston Building Services, which saw turnover increase from £54 million to £70.7 million. The business nearly doubled its operating profit to almost £6 million, capitalising on increased demand in the financial sector and critical infrastructure projects, the addition of crbn solutions (in-house carbon reduction consultancy), as well as strengthening its capabilities through a growing portfolio of specialist services which now includes critical engineering, high voltage, data & fibre, solar and offsite manufacturing.
In October 2024 the Group also onboarded senior leadership and delivery teams, with associated contracts. While this expansion contributed to the financial results to an extent, the addition has had limited impact on the overall figures, given that it took place towards the end of the year. However, the expanded team is set to contribute to significant growth within the coming year.
Jon Dunwell, CEO of the Morris & Spottiswood Group, 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.”
Morris & Spottiswood has a portfolio of eight businesses, operating across the UK. The Group offers a broad range of built environment services including fit-out, retro-fit, refurbishment and M&E services, as well as in-house architectural services; maintenance, space development and furnishing and a full range of carbon reduction solutions.
