UK sales and rental company Morris Leslie Plant and Morris Leslie Plant Hire, has reported its results for the fiscal year to the end of April 2023.
Total revenues increased almost 11 percent to £49.12 million, while pre-tax profits grew by just over nine percent to £11.5 million. Capital expenditure during the year was £75 million, this included the acquisition of Harborough Hire Centre in March 2023, increasing its branch network to 15 locations.
The company's release said: “Trading has remained strong post financial year end, with plant hire and sales both continuing to perform well with the outlook remaining positive for 2024. As we progress through 2024, it is anticipated there will be a reduction in interest rates and lower levels of inflation, as well as improved consumer confidence.”
The rental business is part of the Morris Leslie group, which also includes self-storage facilities, along with commercial and residential properties and vehicle auctions. Group revenues were marginally up on last year at £72.76 million, with pre-tax profit slipping two percent to £12.44 million.
Based in Scotland, the company will celebrate its 50th anniversary this year, having been founded by Morris Leslie in 1974 to trade in used equipment. Today the group employs 300 across 19 locations in the UK.
Chief executive Graham Ogilvie said: “Despite challenging economic conditions, we are delighted to see these positive figures in our annual accounts which supports our continued investment in the expansion of the group. The investment in the Plant Hire business has allowed us to create the largest most modern fuel efficient fleet of Tier V machines in the UK market.”
“Our property and auction businesses are all trading well in challenging market conditions. We would like to thank those who continue to trust us with their business, and also our hard-working colleagues who continue to deliver a first class service to our customers.”