Turnover for the last financial year (ending December 2022) increased by 23% to £46 million, with an operating profit of £3.2m, an impressive 32% increase on the previous year, largely driven by an increased workload in projects such as data centres, services infrastructure, and large office fit-out projects.

The accounts highlight the robust financial health of the business, with a solid balance sheet, low debt, good liquidity and a significant increase in the net assets.

The financial health of the business gives LBS’ directors confidence that the company retains the flexibility required in the current marketplace to ensure long-term profitable growth.

This includes taking steps to mitigate risks from price rises by bulk buying and maintaining a stock of key materials and components, as well as ensuring tenders continue to be priced accordingly. The company also remains in a strong position to cope with these uncertainties with strong liquidity, as well as a high level of secured workload for the year ahead.

LBS has focused on the expansion of its core capabilities to provide a suite of comprehensive in-house services, from design through to installations, commissioning, and aftercare, to both public and private sector clients.

In the public sector, growth has been supported by a strong network of framework appointments, including the Pagabo Mechanical & Electrical Solutions Framework; NHS Greater Glasgow & Clyde; NHS Lanarkshire’s Plumbing and Electrical Frameworks; Perth & Kinross Council Mechanical Framework; and Fife Council Gas Maintenance Framework.

Lindsay Anderson, managing director at LBS, said: “2022 was a challenging year with uncertainties around Brexit, the war in Ukraine, and the impact of the COVID-19 pandemic, but we are proud to have achieved incredible growth across our company. As an agile business that can react and adapt quickly, and with a strong network of suppliers that allows us to provide a comprehensive offering, we have established strong, long-term partnerships.

“As we continue to grow and diversify our services, our focus is on providing flexible, efficient and bespoke solutions for our clients’ building services requirements.”