Morris Leslie post double digit growth

Photo: Morris Leslie Plant Hire

Scotland-based Morris Leslie Plant Hire has said it is well placed for future growth after it posted a double digit increase in revenue for the 22/23 financial year.

The company said the 10% increase to £49 million follows improvements in hire rates, increased utilisation levels and “strong performance” in its UK and overseas sales division. 

Meanwhile, EBITDA increased by 12.4% to £33.8 million, while the company also invested £75 million its fleet in the year. 

2023 also saw the Perthshire-based company place a record order of £87.5 million with JCB for over 1,000 machines including excavators, site dumpers, telescopic handlers and compaction equipment.

It also added its fifteenth branch in March with the acquisition of Harborough Hire Centre in Leicester.

Looking ahead, the company said it expects a positive outlook for 2024, with lower interest rates and levels of inflation coupled with improved consumer confidence.

Graham Ogilvie, Morris Leslie Ltd Group perations Director & Managing Director Morris Leslie Plant Hire Ltd, 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. As a Group, we look forward to 2024 which also marks our half-century of trading, with renewed confidence and determination as our global reputation continues to grow.”