Dunfermline-based Deanestor, one of the UK’s leading furniture and fitout specialists, has announced a strong financial performance with a 35 per cent increase in turnover to £19m and a return to pre-pandemic profit levels, according to its latest accounts which have now been released.
Turnover increased by £5m in the financial year ending 31st December 2022 and operating profit rose to £750,000. Sales of £17.5m have already been secured so far in 2023 with a strong order pipeline which extends into 2025.
Deanestor’s financial performance is now one of the strongest in the FF&E (furniture and fitout) sector and the business has continued to grow across each of its target markets –student accommodation, build-to-rent, healthcare, and education. Its turnover in Scotland increased by 75 per cent since 2021 to over £7m last year.
Ramsay McDonald, Managing Director of Deanestor in Scotland, said, “We are pleased to report that we had a solid performance last year and are on target with our growth forecast for 2023. We operate in diverse sectors which all remain buoyant despite the economic challenges, and we have maintained high levels of repeat business with some of the UK’s leading contractors and residential developers. This is testament to the hard work and commitment of our teams across the country.”
“We have continued to grow our business in Scotland, particularly in the school building sector and following our acquisition of the Havelock brands in 2019. This has contributed to a very significant increase in sales in the past year and we have already secured over £6m of orders for Scottish projects so far this year.”
“We now have a strong foundation on which to grow and are continuing to invest in our people, in new cutting edge manufacturing technology, and in our production facilities and capacity.”
Deanestor has recently expanded its storage facilities to 200,000sqft with the addition of two new units in the East Midlands. This extensive warehouse capacity allows customers to benefit from the manufacture of furniture products and the procurement of equipment at an earlier stage, helping to remove the risk of price inflation and materials cost increases.
This level of storage space also enables Deanestor to provide certainty of supply for major fitout projects when contractors’ schedules may need to be accelerated or revised.
An additional CNC cutting machine will be installed at its manufacturing centre in Mansfield this autumn to further increase capabilities, which is another significant investment. Twenty new jobs have been created in design, production planning, installation management, production and despatch to support Deanestor’s growth.
New projects include a contract worth more than £3m for Robertson Group to fitout a new secondary school campus in Dundee and the manufacture and installation of fitted bedroom furniture and kitchens for seven three-storey buildings which are under construction by EQUANS for the University of Birmingham.
Three healthcare projects have recently been completed – a new research centre for cancer care at The Royal Marsden in London, a new mental health facility for South London and Maudsley Hospital, and a £1.5m furniture and fitout contract with Laing O’Rourke for the first phase of the £485m Brighton 3Ts redevelopment of Royal Sussex County Hospital.
Established in 1948, Deanestor provides furniture solutions to construction clients and contractors for healthcare, education, student accommodation, build-to-rent and laboratory projects – both new build and refurbishment. Its manufacturing and distribution facilities in Mansfield, Nottinghamshire now span 250,000 sqft across six sites and staffing levels have grown to around 150.