Merit has announced a year of record profits increase after a drive to increase productivity and several successful project deliveries
Northumberland-based Merit has announced its financial results for the year ending June 30th, 2022, showing a record profits increase.
Overall revenues climbed by 44% to £60,220,482, and EBITDA rise by 374% to £4,570,521 following a string of project wins and completions and the use of its proprietary platform design, as well as a dedicated increase in productivity.
Merit and subsidiary Merit Health offer specialised offsite solutions for healthcare facilities
Projects completed by Merit in the last financial year include the completion of the UK’s first Messenger RNA vaccine manufacturing facility for CPI in Darlington- which was handed over in approximately half the time (30 weeks) compared with traditional methods of construction.
Work has also been completed on the first phase of the UK’s first CAR T-cell and gene therapy manufacturing facility based in Stevenage for Autolus Theraputics. The £66m development comprised aspects of modern methods of construction for the shell and core, and an offsite manufactured fit out which was facilitated through a Pre-Assembled Module (PAM) and POD strategy.
Work also started on the £45m expansion project for Piramal’s Antibody Drug Conjugate manufacturing facility at Grangemouth.
Merit expanded not only their project scope but also their own facilities
The company is currently expanding their Cramlington manufacturing facilities with a further 40,000sqft double height extension.
This will provide capability to assemble products up to 3-storeys high enabling pre-commissioning before delivery and for clients to see their facilities before installation.
Merit has focussed on increasing productivity and output per employee was £275,000 during the year ended 30 June 2022 compared with £247,000 achieved during the previous year.
The record profits increase is evidence of delivering profitable growth
Tony Wells, Merit’s managing director, said: “These results show that the business is now beyond a proof-of-concept stage and is delivering sustainable and profitable growth. Our approach and products are being chosen to deliver significant UK projects faster, more efficiently and more sustainably than traditional building methods.
He continued: “We are confident of maintaining our current growth path and winning further strategically important projects, as we continue to refine our products with a clear focus on innovation and automation. We’re investing in people, apprentices, technology, and factories, to underpin future demand. We are also helping inward investment back to the UK where life science companies are choosing us over overseas competitors.”
