Perthshire plant hire giant Morris Leslie is gearing up for further growth after making more than £12 million in profits last year.
The group is one of the largest plant hire firms in Britain and also has a property portfolio, runs auctions and a holiday lodge development.
Last March, it placed the largest UK order in the history of JCB – paying £87.5m for more than 1,000 machines. The sale of used equipment is also a major part of the business.
It secured planning permission in December for a development near its headquarters at West Kinfauns in December which will include a hotel, lodges and museum.
The new accounts for Morris Leslie Limited show total revenue of £72.4m for the year ending April 30 2023, an increase on sales of £71.7m in 2022.
Pre-tax profits were £12.4m, a slight reduction from £12.7m in 2022, which were the highest in the company’s history.
Ready to buy plant hire rivals
In the past three years, Morris Leslie has made two major acquisitions of other plant hire firms and Mr Ogilvie said it would consider more.
The acquisition of Selwood Plant Hire in 2021, was followed by Harborough Hire Centre, which has 12 depots, in March last year.
Group operations director Graham Ogilvie said: “We are happy with the results – it’s never easy but we’ve got there.
“In terms of the plant hire, we are looking at any opportunity that comes up. The Central Belt and Yorkshire are of particular interest to us.
“Despite challenging economic conditions, we are delighted to see these positive figures in our annual accounts. This supports our continued investment in the expansion of the group.”
Plant hire investments
The business said one of its advantages was continual investment in modern machines, which it says are the most fuel-efficient on the market.
The past year has seen increased hire rates and utilisation combined with strong sales of used machines.
Mr Ogilvie said trading had remained strong after the end of the financial year.
Improved consumer confidence and the prospect of lower interest rates, which would encourage housebuilding, is also encouraging.
He added: “Plant hire and sales both continuing to perform well with the outlook remaining positive for 2024.
“As we progress through 2024, we expect to see a reduction in interest rates and lower levels of inflation, as well as improved consumer confidence.”
Morris Leslie enters 50th year
This year the group will mark its 50th year of trading since the founding chairman Morris Leslie started trading in used equipment sales.
It now has more than 300 staff operating across 19 sites.
Group operations director Graham Ogilvie said he was pleased all the arms of the business were performing well.
“Our property and auction businesses are all trading well in challenging market conditions. The holiday lodges at Alyth are also doing well.
“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.”
