Concrete frame specialist Morrisroe has posted increased profit, turnover and margin in its latest financial results.
The Hertfordshire-based firm, which is delivering the concrete frame on Tottenham Hotspur’s new stadium for main contractor Mace, saw turnover rise by 47.4 per cent to hit £162.8m for the year to 31 October 2016, compared with £110.4m a year earlier.
The boost in turnover means Morrisroe is now among the largest concrete frame specialists in the UK.
The contractor also saw pre-tax profit rise by 51.8 per cent year on year to reach £14.4m, up from £9.5m in its previous results.
Morrisroe’s profit margin now stands at 8.8 per cent, up from 8.3 per cent.
The contractor has now increased its profit almost threefold in just two years, having posted a pre-tax profit of £4.9m for the year to 31 October 2014.
However, the firm warned it had seen some increases in costs due to “political uncertainty and the impact of the devaluation of the pound”.
“The board continues to monitor these changes and plan accordingly to mitigate potential effects,” the company said.
The group also reported a “healthy” order book and has added 15 staff over the past year, bringing total staff numbers to 177 from 162 a year earlier.
Aside from Spurs’ stadium, other projects Morrisroe is currently working on include the ‘Can of Ham’ building at 60-70 St Mary Axe, which is being built by Mace.
Outside London, the company is also working with Carillion on One Chamberlain Square in Birmingham, part of Hermes Real Estate’s £560m Paradise Circus masterplan.