Northumberland engineering and construction firm expands following record year

Northumberland headquartered Merit, an offsite engineering and construction specialist for technically complex, zero-carbon emission buildings, has today announced its financial results for the year ending June 30, 2022.

A record year saw overall revenues climb by 44 per cent to £60,220,482 and EBITDA rise by 374 per cent to £4,570,521 following a string of major project wins and completions and the use of its proprietary platform design and increases in productivity.

During the financial year, Merit completed and embarked on a number of major projects. This included 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 completed on the first phase of the UK’s first CAR T-cell and gene therapy manufacturing facility based in Stevenage for Autolus Therapeutics. This was a £66m development which utilised Merit’s FLEXI POD, a hybrid solution which is particularly suitable for complex high technology facilities.

Work also started on the £45m expansion project for Piramal’s Antibody Drug Conjugate manufacturing facility at Grangemouth.

Merit operates from one of the largest offsite manufacturing facilities in Europe comprising 250,000 sq ft. The company is currently expanding the manufacturing facilities with a further 40,000 sq ft double height extension.

This will provide capability to assemble products up to three-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 £275k during the year ended 30 June 2022 compared with £247k achieved during the previous year.

Tony Wells, Merit’s Managing director, commented: “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.

“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.”

By Matthew Neville – Senior Correspondent, Bdaily

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