Morris and Spottiswood reports record £231 million revenue as southern England expansion pays off

Glasgow-based fit-out and refurbishment contractor Morris and Spottiswood has reported record revenue of £231 million (€268 million) for the year to December 2025, representing growth of approximately one third on the prior year, as the business extended a run of sustained expansion that has seen turnover rise 125 per cent over three years.

Construction Enquirer reports that pre-tax profit climbed nearly 50 per cent to £6.9 million (€8 million), with operating margin improving to three per cent from 2.7 per cent in the previous year, as the centenary business continued to scale across its diversified service offering.

Growth was driven by repeat business from clients across manufacturing, public sector, finance and retail, alongside a string of new food retail clients. A strategic expansion into southern England, backed by new regional teams recruited at the end of 2024, secured places on national frameworks for major financial institutions and retailers and proved a significant contributor to the revenue uplift.

The group operates across fit-out, refurbishment, mechanical and electrical services, housing, maintenance, flooring, offsite fabrication, consultancy and joinery, giving it a broad platform from which to pursue framework appointments across multiple sectors and geographies.

Headcount rose by almost 20 per cent from 562 to 672 during the year, reflecting the scale of operational growth. Year-end net cash improved to £23 million (€26.7 million) despite continued investment and acquisitions, with borrowings reduced to just £0.9 million (€1 million).

"The group is in a strong financial position moving into 2026 and beyond with a significant level of secured workload and continued project allocation from the various frameworks the group has been appointed, giving rise to further growth expectation in 2026," the directors said.

The board acknowledged ongoing market pressures from rising costs and supply chain disruption but said its growing portfolio of long-term framework appointments provided confidence for continued expansion into the year ahead.