Morris & Spottiswood saw growth in turnover, profit and cash reserves during 2024, thanks in part to the acquisition of assets from the administrators of ISG.
Morris & Spottiswood, currently celebrating its centenary year, saw turnover increase by 35% in 2024, rising from 拢128m in 2023 to 拢172.5m in 2024.
In October 2024 Morris & Spottiswood took on more than 100 employees from ISG Retail after it fell into administration. Despite coming towards the end of the year, this accounted for 18% (拢31m) of group turnover in 2024. This is likely to have even more impact on the 2025 results and taking turnover to around 拢265m.
Operating profit for 2024 surged by 89% to 拢4.7m, up from 拢2.5m in 2023. Pre-tax profit was also 拢4.7m, up from 拢2.8m.
The business has also strengthened its liquidity, increasing its net cash position from 拢11.8m to 拢21.8m, while reducing external debt to 拢1.4m.
The board said that success can be attributed in part to the organic growth of the M&E business Livingston Building Services, which saw turnover increase from 拢54m to 拢70.7m and roughly doubled its operating profit to almost 拢6m, capitalising on increased demand in the financial sector and critical infrastructure projects and the addition of CRBN Solutions, an in-house carbon reduction consultancy.
Chief executive Jon Dunwell said: 鈥淭hese results reflect not only growth, but sustainable and profitable growth. We鈥檝e 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.
聽鈥淭his 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.鈥�
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