Morris & Spottiswood reports growth in turnover and profit in tough year

Glasgow-headquartered fit-out and M&E specialist Morris & Spottiswood recorded an increase in turnover and profitability last year despite “challenging market conditions”.

Morris & Spottiswood reports growth in turnover and profit in tough year

Jon Dunwell, CEO of Morris & Spottiswood

The company’s turnover increased to £82.6 million from £82.4 million while profit after tax and before dividends increased to £2.3 million from £760,000 the previous year, according to its latest financial statement.

“Morris & Spottiswood Limited delivered another strong financial performance during the year, with increased turnover and profitability in line with 2018 performance trends,” the directors said.

“This was despite challenging market conditions resulting in increased pressure on the margins generated in certain sectors as well as having the backdrop of a lack of clarity over the effects of Brexit resulting in clients being cautious about their spending.”

The company’s year-end net cash position was £11.3 million at the end of 2019, up from £10.1 million, which the directors said represented a “strong result”, and its balance sheet improved to £3.6 million from £2.2 million.

Looking beyond 2019, the directors wrote: “The COVID-19 pandemic has resulted in significant business interruption in 2020 with the majority of the group’s sites being closed during the lockdown period resulting in low turnover for April through June 2020.

“This instigated the need to use the government furlough scheme for a significant proportion of the group’s employees during this period therefore limiting costs to the business.

“The group is however in a good position financially with strong liquidity as well as a high level of secured workload for the second half of the year which clients have indicated will go ahead and has offset an expected downturn in some sectors where there is more uncertainty limiting client spend.”

Morris & Spottiswood is headquartered in Glasgow and has offices in Edinburgh, Perth, Leeds, Warrington and Carlisle, offering its services UK-wide.

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