Scottish-headquartered Morris & Spottiswood is targeting turnover of £150 million as it looks to capitalise on the mechanical and electrical (M&E) systems market after posting “impressive” full-year results.
The Glasgow group, which specialises in construction and fit-out services, unveiled a £5m turnover rise to £102m in 2018, along with an ambitious goal of achieving its £150m annual revenue target by 2026.
The business acquired West Lothian-based Livingston Mechanical Services in October last year to drive expansion into the M&E sector, with its M&E arm contributing £25m to overall turnover since its launch.
Morris & Spottiswood said it is aiming to further drive M&E growth while also capitalising on key markets south of the Border through its Warrington and Leeds offices.
The group will focus on winning work in northern England, particularly looking to secure national frameworks, commercial office and M&E projects, as well as fit-out contracts.
Underlying group profitability increased by 13 per cent to £2.6m in the year to December.
'Uncertainty and volatility'
Chief executive Jon Dunwell hailed the firm’s annual results against a “backdrop of continuing uncertainty and volatility in the marketplace”, adding that a lack of clarity over Brexit had resulted in clients being cautious about spending.
Earlier this year Kirkcaldy-headquartered fit-out firm Havelock International was forced to make almost 250 workers redundant after it fell into administration.
Dunwell underlined the continued importance of Scotland as a key region for Morris & Spottiswood, following the launch of a new office in Perth in June 2018, which is to act as a springboard into Dundee, Fife and Stirling.
He said: “The business continues to enjoy uncomplicated private ownership and has no borrowings or external investment, allowing the directors to make decisions appropriate for the development of the business in the medium to long term, without being pressured into short-term targets.
“The company continues to benefit from several established customer relationships and has achieved key framework wins within the period which further future proofs the business against a potential economic downturn.”
The business recorded higher headcount throughout 2018, taking on eight new starters during the year.
It now has a total of 30 apprentices based across Edinburgh, Glasgow, Perth, Warrington and Leeds, while an additional 23 employees have either recently graduated or are currently working in trainee roles while undertaking vocational college courses.
Founded in Glasgow in 1925, Morris & Spottiswood is now being led by the third generation of the Morris family.
The group last year invested in “modernising” its brand – a move designed to make the company’s message consistent across all geographies and business channels.