UK fit-out specialist, Deanestor, has announced a strong financial performance, with a 35 per cent increase in turnover to £19 m, and a return to pre-pandemic profit levels.
Its latest accounts show that turnover increased by £5 m in the financial year ending 31 December 2022, while operating profit rose to £750,000. Sales of £17.5 m have already been secured so far in 2023, with a strong order pipeline which the company says extends into 2025.
Deanestor says its financial performance is now one of the strongest in the FF&E (furniture and fit-out) 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 has risen by 75 per cent since 2021 to over £7 m last year. The business has recently expanded its storage facilities to 200,000 ft2 with the addition of two new units in Mansfield. It said: “This extensive warehouse capacity allows customers to benefit from furniture manufacture 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 us to provide certainty of supply for major fit-out projects when contractors’ schedules may need to be accelerated or revised.”
An additional CNC cutting machine will be installed at Deanestor’s Mansfield manufacturing centre in this autumn to further increase capabilities, while 20 new jobs have been created in design, production planning, installation management, production, and dispatch to support Deanestor’s growth.
William Tonkinson, the company’s MD, said, “I am 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 in Mansfield, Scotland, and on site across the country. 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.”
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 £1.5 m furniture and fit-out contract with Laing O’Rourke for the first phase of the £485 m Brighton 3Ts redevelopment of Royal Sussex County Hospital.
