A series of contract wins have placed Morrison in an “unprecedented” financial position, the repairs firm has said.
The company has mobilised three new repairs contracts worth more than £130 million, with a potential value in excess of £165m subject to contract extensions.
The new partnerships include a seven year contract - with a possible two year extension - with Home Group to provide responsive repairs, voids maintenance and planned maintenance to 15,000 properties in the North East, Home Group’s largest region.
The second new relationship is a housing management and repairs partnership with Woking Borough Council. This will run for five years, with a possible five year extension. Morrison is working as part of the Pinnacle PSG and Mansell Construction Services joint venture – New Vision Homes - to provide responsive repairs and planned maintenance services to 3,800 properties. This is the first housing management contract to have been outsourced to the private sector.
The final new contract, with Tamworth Borough Council, sees Morrison continuing its seven year relationship with the council. The new contract is for an initial five years, with a possible two year extension, and is for the provision of gas servicing to 3,800 properties throughout the borough.
These partnership takes the total value of Morrison’s contracts won and mobilised in the last uear to over £690m and gives the company “unprecedented visibility of future sales”, a statement said. All forecasted revenues for 2012/2013 have been secured and its forward order book is in excess of 4.5 times its annual sales.
Morrison chief executive Guy Wakeley said: “These new contracts are all important relationships for Morrison and help to further strengthen our position in the market, particularly in the North East and South of the country. After a successful mobilisation period we are now focussed on adding value to our clients and providing the best possible service to their residents.
“The business is performing well despite the challenging public sector environment and over the next 12 months we will be focusing on a number of key new business opportunities, which will enable us to further grow the company in a sustainable way.”