Perthshire plant hire giant gears up for further growth
One of the UK’s leading suppliers of plant hire equipment is gearing up for further growth following strong financial results, posted in its 2022/23 annual accounts.
Perthshire-headquartered Morris Leslie Plant Hire, which sells and hires plant equipment, posted revenues of £49.121 million in 2022/23, an increase of over 10% from the previous year figure of £44.4 million. Profits before tax increased to £11.503 million for 2022/23 (2021/22: £10.543 million).
Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 12.4% to £33.8 million.
Despite the challenging economic climate, not just in the UK but globally, the business has delivered an excellent set of results on the back of improved hire rates and increased utilisation levels coupled with a strong performance from the sales division both in the UK and overseas.
Investment for the financial year exceeded £75 million, maintaining the business’s position as the largest and youngest low emission fuel efficient fleet in the UK.
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 the Midlands.
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 £72.76 million.
This was 1% ahead of the previous year (2021/22: £71.744 million). Profits before tax are largely in line with the previous year at £12.444 million (2021/22: £12.710 million).
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 Group is also set to mark its 50th year of trading this year since the founding Chairman, Morris Leslie, started trading in used equipment sales in 1974.
Morris Leslie Group continues to support jobs in Scotland and across the UK, with over 300 staff operating across 19 sites.