For the year to 30th April 2023, Morris Leslie Plant Hire Ltd posted revenues of £49.1m, more than 10% up on the previous year figure of £44.4m.
Profits before tax increased to £11.5m (2022: £10.5m) while earnings before interest, taxes, depreciation and amortisation (ebitda) increased by 12.4% to £33.8m
Directors of the Perthshire-headquartered company described the results as excellent, given “the challenging economic climate”.
Growth came from both increased machine utilisation and higher hire rates, coupled with a strong performance from the equipment sales division both in the UK and overseas.
Highlights of the year include an £87.5m order placed with JCB in March 2023. The deal was the largest UK deal in JCB’s history and included more than 1000 machines, including 50 backhoe loaders.
The assets and business of Harborough Hire Centre was purchased in March 2023, increasing the branch network to 15 sites and further strengthening the company’s position in central England.
The Morris Leslie Group overall, whose activities include the hire and sale of plant machinery and equipment, provision of self-storage facilities, as well as renting of commercial and residential properties and auction of vehicles, delivered turnover of £72.8m. This was 1% ahead of the previous year. Pre-tax profit was down 2% at £12.4m (2022: £12.7m).
Graham Ogilvie, group operations director of Morris Leslie Ltd and managing director of Morris Leslie Plant Hire, 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.”