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RECORD YEAR FOR MERIT AS PROFITS INCREASE ON BACK OF PROPRIETARY PLATFORM DESIGN AND INCREASED PRODUCTIVITY
Northumberland-headquartered Merit , the UK ’ s leading offsite engineering and construction specialist for technically complex , zero-carbon emission buildings , has today announced its financial results for the year ending June 30th , 2022 .
A record year saw overall revenues climb by 44 % to £ 60,220,482 and EBITDA rise by 374 % 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 .
Proprietary Platform Design Merit is a single source manufacturer for design and build projects and its products include UltraPOD ® and FLEXI POD ® , both of which are used across a wide range of sectors , but particularly within the healthcare , pharmaceutical , bioscience , battery manufacture and semiconductor industries . Both products which deliver projects with 75 % -95 % PMV ( Pre- Manufactured Value ) in around half the time a traditional design and build process .
The Group ’ s subsidiary Merit Health is focussed on providing a superior solution to building healthcare facilities quicker , at a lower cost and with zero carbon emissions in operation . The offering is ideal for any facilities with requirements for superior infection control and high containment ( including biocontainment ), such as advanced therapies , theatres , bioscience manufacture and laboratories .
Group Financial Highlights - Year ending 30th June 2022 Consolidated revenues £ 60,220,482 - 44 % increase on 2021 Gross Profit £ 11,083,010 - 91 % increase on 2021 EBITDA £ 4,570,521 - 374 % increase on 2021 Gross cash at year end £ 6,698,035 - 293 % increase on 2021 Net assets £ 11,138,166 - 50 % increase on 2021
Projects 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 Theraputics . This was a £ 66m development which utilised Merit ’ s FLEXI POD ®, a hybrid solution which is particularly suitable for complex high technology facilities . It 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 .
Factory expansion Merit operates from one of the largest offsite manufacturing facilities in Europe comprising 250,000sqft . The company is currently expanding the 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 .
Productivity 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 .
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 .”