FIT-OUT and construction specialist Morris & Spottiswood has reported a slight drop in both revenues and pre-tax profits in 2008, but said a decision to reduce exposure to recession-hit industries had minimised the impact of the downturn.
The privately owned firm reported revenues of £122.5 million in 2008 – down from £125.3m the previous year – and pre tax profits of £3m, compared to £3.4m in 2007.
Spottiswood, which employs some 480 people from its bases in Glasgow, Edinburgh and
Warrington, said a strong performance in its housing division – where it has secured a number of key public sector contracts – had helped underpin the business.
Retail, commercial, and banking companies have traditionally been mainstays of Spottiswood's business, but chief executive Chris Saxton said the firm's decision to move away from sectors worst affected by the recession at the end of last year had helped maintain a solid performance.
He said: "We do have a strong balance sheet, and as a business, we are quick to take advantage of changing market conditions."
Saxton said the coming year would see the market contract further, but he remained upbeat for the future.
"What is important is standing out from the crowd," he added. "The key to surviving the current situation is to have a low cost base and to be able to sell to your strengths."
The company recently secured a £17m contract with Queens Cross Housing Association to build 140 homes at Murano Street in, Firhill, north-west Glasgow.
During the year, it also won refurbishment contracts with Glasgow Housing Association, River Clyde Homes, Prospect Housing and City of Edinburgh Council, boosting its affordable homes portfolio.
The full article contains 282 words and appears in The Scotsman newspaper.
