Fit-out and refurbishment specialist Morris & Spottiswood’s purchase of M&E specialist Livingstone Building Services over two years ago is starting to pay off.
A strong contribution from M&E contractor Livingston Building Services helped to drive a 26% rise in revenue to £128m at the Glasgow headquartered group generating a similar jump in pre-tax profit to £2.8m.
The expansion saw headcount rise by around 9% over the period to 449 staff.
Chairman George Morris said: “There is a recognition of the importance of having workload spread across a variety of sectors to mitigate risk of a downturn in any one sector.
“The group contains a diverse portfolio of companies providing a wide range of services in the construction space.
“This allows the group to offer its clients a full end-to-end service which differentiates the group from competitors and increases the ability to deliver workload via in-house resources.”
He added Morris & Spottiswood had seen continued growth in the public sector, including across its housing services delivery, having been appointed to several public sector frameworks, which contributed to turnover growth.
He said that Morris & Spottiswood remained in a strong financial position with borrowings of just £1.8m (2022: £2.9m) and an improved net cash position of nearly £12m up from £9.7m last year
