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FIFE FITOUT SPECIALIST ANNOUNCES RECORD £30M ORDERS AND £3M INCREASE IN SALES IN LATEST FINANCIAL RESULTS

InvestFife news

June 18, 2024

Dunfermline-based Deanestor, one of the UK’s leading furniture and fitout specialists, has released its latest financial results for the year ending December 2023 which show a £3m increase in turnover to £22.4m and a record order intake of over £30m.

 

Forward orders have increased by more than £3m to over £30m compared to the same period last year for projects to be delivered through to the end of 2025.

 

Turnover rose by £3m in 2023, up from £19.2m in the previous year and again with a healthy operating profit. Net assets in the same period increased by £1.5m.

 

Projects have been delivered and awarded across diverse market sectors – healthcare, education, student living and build-to-rent – for the manufacture and installation of fitted furniture, bespoke kitchens and specialist joinery, and with a high level of repeat business from tier one contractors and major residential property developers.

 

Deanestor continues to perform well in Scotland, particularly in the education sector. Current projects include its 13th furniture and fitout contract for Robertson Construction – a £3.8m contract for the new East End Community Campus in Dundee.

 

Ramsay McDonald, Managing Director of Deanestor in Scotland, said, “This latest set of figures demonstrates strong and sustainable growth for the business across multiple sectors. We have an exceptionally healthy project pipeline and are anticipating an increase in turnover to £24m by the end of 2024.”

 

“Our financial performance is testament to the hard work of our teams in Scotland and across the UK – from design and estimating to manufacturing and work on site – who help our clients achieve the balance between first class FF&E services, finishes of the highest quality and project delivery to the required budget and programme.”

 

“Quality and longevity are vitally important for fitting out retained assets – from demanding secondary school environments to co-living apartments that require strong tenant appeal, long-term.”

 

Nearing completion is a £5m project with BAM to fit out the two new high schools on the Dunfermline Learning Campus.

 

In the build-to-rent sector, Deanestor has recently handed over a contract worth around £3m for Robertson Construction to manufacture and install 433 contemporary, bespoke kitchens and 599 wardrobe sets for a new £80m neighbourhood at Holland Park in Glasgow developed by Moda.

 

Deanestor has recently secured hospital fitout contracts totalling £4m, the largest of which is a project worth more than £1m for Integrated Health Projects (IHP) – a joint venture between VINCI and Sir Robert McAlpine, to fit out two 54-bed adult mental health facilities at Kingsway Hospital in Derby and in the grounds of Chesterfield Royal Hospital.

 

Established in 1948, Deanestor has manufacturing and distribution facilities, which span 250,000 sqft across six sites. It employs 150 staff and its division in Fife services Scottish clients and projects. Its fitted furniture and kitchen solutions give contractors and developers the benefit of shorter lead times, high levels of customer service and long-term durability for major build-to-rent schemes, student living, schools and hospitals.

For further information, visit www.deanestor.co.uk, call 01623 420041 or email [email protected].

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