Morris Leslie profits rise to £5.7m as boss calls for political stability
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Graham Ogilvie – Group operations director at Morris Leslie
Pre-tax profits at Perthshire plant hire giant Morris Leslie Holdings more than doubled to £5.7 million for the year ending 30 April 2025, up from £2.6m the previous year, though directors cautioned that much of this increase was driven by property revaluations.
The West Kinfauns-based group, one of the largest plant hire firms in the UK, reported a 4.4% rise in turnover to £76.3m. However, operating profit fell slightly to £13.5m due to persistent cost pressures and tight margins. The reported pre-tax profit figure was significantly bolstered by £3.7m in property revaluations.
Despite the headline growth, the group scaled back capital expenditure significantly to £45.2m, down from £75.4m in 2024, reflecting a cautious approach to fleet investment.
Graham Ogilvie, group operations director, attributed the cautious spending to political uncertainty and a lack of confidence within the construction sector. He criticised the “grenades” of speculation regarding UK government budgets, noting that such messaging delays investment decisions until at least 2026.
“We need stability in policies so that people can make investment decisions,” Mr Ogilvie told The Courier. “Construction has been and always will be one of the big drivers in growing the economy in the UK.”
He also expressed scepticism regarding Labour’s pledge to build 1.5 million new homes by 2030, citing a lack of current evidence for delivery.
The group’s diverse portfolio showed mixed results amidst these challenges. The plant hire division saw turnover increase to £48.9m, but high depreciation and operating costs resulted in a small pre-tax loss of £0.18m. The fleet remained stable at 4,200 assets, supported by the acquisition of the Midlands-based VHS Plant Hire in March 2025.
Conversely, the plant and machinery sales arm, Causeway Tractors, recorded a turnover jump of 22% to £16.5m, with operating profit doubling to £1.06m. The auctions division also reported a stronger performance with a profit before tax of £0.51m, despite lower revenue, while commercial and residential property delivered stable returns with high occupancy levels.
Looking ahead, Mr Ogilvie predicts another “flat year” as the firm navigates rising costs. However, the group remains committed to expansion, actively seeking opportunities to acquire businesses or expand into new UK territories.
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