Morris & Spottiswood, the UK construction and fit-out specialist, has revealed record-breaking financial results for 2024, highlighted by impressive gains in turnover, profitability, and cash reserves. The Group’s growth is attributed to strategic diversification and operational excellence across its business sectors.
Marking its centenary year, the Group saw turnover increase by 35%, rising from £128 million in 2023 to £172.5 million in 2024. More strikingly, operating profit almost doubled, jumping 89% to £4.7 million from £2.5 million the previous year.
EBITDA also rose significantly to £7.1 million, up from £4.7 million in 2023. Meanwhile, net cash reserves strengthened considerably, growing from £11.8 million to £21.8 million, alongside a reduction in external debt to just £1.4 million.
A notable contributor to this strong performance was Livingston Building Services, the Group’s M&E division, which increased turnover from £54 million to £70.7 million. Operating profit nearly doubled to around £6 million, driven by increased activity in the financial sector and critical infrastructure projects. The launch of crbn solutions, an in-house carbon reduction consultancy, plus an expanded portfolio of specialist services including critical engineering, high voltage, data & fibre, solar, and offsite manufacturing, have enhanced its market position.
In October 2024, the Group expanded its senior leadership and delivery teams, signing associated contracts. Although this growth had limited effect on the year’s financials due to its timing, the enhanced team is expected to underpin further growth in 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.”
Discover more at: https://www.morrisandspottiswoodgroup.co.uk/
