Profit and turnover at Morgan Lovell have continued their upward trend thanks to “consistent operational delivery”, the fit-out specialist has announced.
The firm recorded turnover of £162.3m for the year to 31 December 2025, up 13 per cent on the previous year’s £143.5m.
This was its third successive annual revenue increase. Turnover of £90.8m in 2022 was followed by £100.9m in 2023.
Pre-tax profit also increased for the third year in a row, rising from £17.2m to £20m last year. The firm posted £7.5m in 2022 and £8.9m the following year.
Morgan Lovell’s margin narrowed from 17 per cent to 12.3 per cent based on the latest figures, though.
“The excellent performance delivered in the year is underpinned by consistent operational delivery and an enhanced customer experience,” directors said in the strategic report accompanying the latest accounts.
They also referred to “a high-quality workload” achieved through “disciplined and focused bidding”.
At £49.5m, the year-end order book was 28 per cent lower than the previous year’s £69.1m, although the directors insisted the market for design-and-build fit-out services “remains strong”.
Morgan Lovell focuses on jobs in London and southern England but its latest accounts showed less reliance on the capital, which generated 40 per cent of turnover compared with 51 per cent in 2024.
Cash at bank doubled from £5.6m to £11.2m, though this was still lower than the firm’s cash piles in 2023 (£18m) and 2022 (£20m).
Morgan Lovell itself holds no external loan or overdraft debt as these arrangements are covered by parent firm Morgan Sindall.
The average monthly number of employees increased from 174 to 185, resulting in a higher annual wage bill of £23.2m compared with £22.8m in 2024.
The company doubled its interim dividend payout from £4.7m to £9m, although the directors said they do not recommend a final dividend for shareholders.
Morgan Lovell rose three positions to sixth in the most recent CN Specialists Index for fit-out firms – behind sister firm Overbury in first place.
Overbury’s annual results for the 2025 calendar year, released earlier this week, revealed a 40 per cent turnover increase to £1.62bn and a 41 per cent profit hike to £132.5m.
Whereas Overbury focuses on large-scale and higher-value projects, Morgan Lovell works on smaller jobs with more specialised design-and-build requirements.
At CN Intelligence you can view and filter seven years’ worth of detailed financial information on the top UK construction firms via our interactive dashboards. Access in-depth written analysis of the numbers along with targeted data and analysis on specialist contractors.