The construction company said its exceptional growth in turnover, profit and cash reserves was driven by strategic sector growth and diversification and operational excellence across its business portfolio.

The group, which is currently celebrating its centenary year, saw EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) grew to £7.1m, compared to £4.7m in 2023.

Meanwhile, the group has also strengthened its liquidity, increasing net cash position from £11.8m to £21.8m, while reducing external debt to a low position of just £1.4m.

The strong figures can be attributed in part to the growth of its M&E business Livingston Building Services, which saw turnover increase from £54 million to £70.7 million.

The business nearly doubled its operating profit to almost £6m, capitalising on increased demand in the financial sector and critical infrastructure projects, the addition of crbn solutions (in-house carbon reduction consultancy), as well as strengthening its capabilities through a growing portfolio of specialist services which now includes critical engineering, high voltage, data & fibre, solar and offsite manufacturing.

In October 2024 the group also onboarded senior leadership and delivery teams, with associated contracts. While this addition had limited impact on the overall figures, given that it took place towards the end of the year, the company says the expanded team is set to contribute to significant growth within the coming year.

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.”