Morris & Spottiswood annual profit defies downturn

Warrington-based housing maintenance and commercial fit-out specialist Morris & Spottiswood saw turnover and profit dip only slightly in the past financial year despite the recession.

The privately owned company, which claims to be debt-free, reported revenues of £122.5m, down from £125.3m the previous year, and pre-tax profits of £3m, compared to £3.4m in 2007/08.

Morris & Spottiswood employs around 480 people across offices in Warrington, Glasgow and Edinburgh.

Chris Saxton, chief executive, commented: "Retail, commercial and banking have historically been major strongholds for Morris & Spottiswood and they have been hardest hit by the economic uncertainty which continues to prevail. However, we do have a strong balance sheet, and as a business, we are quick to take advantage of changing market conditions.

"Our housing division performed exceptionally well last year and our maintenance and fit out divisions were successful in securing several million pounds worth of new business in healthcare, education, judiciary and planned maintenance contracts, in addition to food retail, commercial and financial services contracts."

The firm recently won a £6m contract to refurbish financial specialist Aegon UK's North West head office in Lytham St Anne's.