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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 £128m in 2023 to £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% (£31m) of group turnover in 2024. This is likely to have even more impact on the 2025 results and taking turnover to around £265m.

Operating profit for 2024 surged by 89% to £4.7m, up from £2.5m in 2023. Pre-tax profit was also £4.7m, up from £2.8m.

The business has also strengthened its liquidity, increasing its net cash position from £11.8m to £21.8m, while reducing external debt to £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 £54m to £70.7m and roughly doubled its operating profit to almost £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: “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.”

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