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Morris & Spottiswood, a leading UK construction and fit-out firm, has announced its strongest consolidated financial performance to date, recording significant growth across turnover, profits, and cash reserves in 2024. This milestone comes amid strategic sector expansion, diversification, and operational efficiency across its varied business portfolio.
Celebrating its 100th year, the Group reported a 35% rise in turnover, climbing from £128 million in 2023 to an impressive £172.5 million in 2024. Operating profit saw an even sharper increase, soaring by 89% to reach £4.7 million, up from £2.5 million the year prior.
The company’s EBITDA also strengthened substantially, rising to £7.1 million compared to £4.7 million in the previous year. In addition, the Group boosted its liquidity position, with net cash increasing from £11.8 million to £21.8 million, while cutting external debt down to a modest £1.4 million.
A key driver behind this success has been the expansion of its M&E arm, Livingston Building Services, which grew turnover from £54 million to £70.7 million. Operating profit nearly doubled to almost £6 million, fuelled by rising demand in financial services and critical infrastructure sectors. The addition of in-house carbon reduction consultancy, crbn solutions, alongside enhanced capabilities in critical engineering, high voltage, data & fibre, solar, and offsite manufacturing, has further strengthened its service offering.
In October 2024, the Group welcomed new senior leadership and delivery teams, along with related contracts. Although this late-year addition only minimally impacted the financial outcomes, the bolstered team is expected to play a significant role in driving growth throughout 2025.
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.”
For more information, visit: https://www.morrisandspottiswoodgroup.co.uk/