Glasgow-based company says profit up by nearly half last year
Morris & Spottiswood saw revenue break through the £200m barrier and hit a record figure last year.
The Glasgow-based group, which two years ago picked up the ISG Cathedral retail fit out arm from the collapsed contractor, said revenue was up a third to £231m with pre-tax profit up 46% to £7m.
Morris & Spottiswood’s heartland has been Scotland and the North of England but the firm said the improved numbers were part of a diversification strategy into new sectors and geographies such as southern England.
The firm said it offers an end-to-end service for clients across seven disciplines such as M&E and energy.
Executive chairman Jon Dunwell said: “We are increasingly seeing our repeat customer base buying into our end-to-end service offering and this is underpinning our improved results. While we can, and still do, deliver traditional contracting, many of our progressive clients are benefiting from buying into our integrated offer.”
The firm, which increased staff numbers by 20% to 672 during the period, said year-end cash was up to £23m, from £21.8m. External borrowings dropped to £900,000 from £1.4m last time.
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