A DECISIVE move to reduce exposure to sectors most affected by the downturn has helped Warrington-based fit-out firm Morris & Spottiswood to trade nearly flat in 2008.
The company saw pre-tax profits fall £360,000 to £3.1m as revenues also slipped slightly, down £2.8m to £122.5m.
It employs about 480 people across its three offices in Warrington, Glasgow and Edinburgh.
Chris Saxton, Morris & Spottiswood’s chief executive, believes early measures to reduce exposure to sectors most adversely affected by the recession at the end of 2007 helped maintain a solid performance in difficult trading conditions.
“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,” he said.
“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.”
Although the housing and construction sectors continue to show fragility, he believes the firm is well-positioned for the rest of 2009.
“We do see the market contracting, but I think there will be a flight to quality and financial stability, which will be good for our business,” he added.
“What’s important is standing out from the crowd. The key to surviving the current situation is to have a low cost base and to be able to sell to your strengths. A good example is a recently secured £6m contract to refurbish financial specialist AEGON UK’s North West head office in Lytham St Annes.”
ALEX TURNER
