Firm says it is being more picky about which jobs it takes on
Morrisroe returned to the black last year as the firm said turnover dropped because it is being more selective about the projects it takes on after being caught out by a series of fixed price jobs.
It said most of its fixed price jobs, which had seen it rack up cumulative pre-tax losses of nearly £13m in the previous two years, had been completed in the second half of its financial year which runs until 31 October.
The Hertfordshire-based firm posted a pre-tax tax profit of £708,000 – from a £1.3m loss last time – with turnover down 15% to £187m.
In its report and accounts filed at Companies House, chief executive Brian Morrisroe said it had been appointed under a PCSA by Bovis to carry out work on the £100m redevelopment of Crystal Palace’s Selhurst Park ground.
The FA Cup winners want to increase capacity by 8,000 to 34,000 and Morrisroe has been appointed to carry out design, demolition, piling and structures work.
Morrisroe is also carrying out superstructure work for Mace on the £100m collections, research and digitisation centre for the Natural History Museum in Berkshire.
But Brian Morrisroe also warned the new building safety regulations had seen high-rise residential work slow down.
He added: “A number of opportunities had been affected by high interest rates as well as planning delays. The viability of a number of high-rise residential schemes falling within the higher-risk building regulations proved to be something of a brake on residential opportunities.”
The firm said it expects income this year to go back above the £200m mark with its order book in January 2025 standing at £241m, a rise of 12.5% on the same period last time.
Morrisroe said its balance sheet at the year-end was flat at £61m.
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