Profits at Cramlington construction manufacturer Merit increase by more than 50%

Merit, which specialises in the construction of modular building sections at its Cramlington factory, is reporting a 46% increase in consolidated revenues to £88.4m in the last year.

The firm also had a gross profit of £17m in 2023, which is a 54% increase on 2022.

Merit CEO Tony Wells said: “The results are testament to our commitment to excellence and innovation as we favour an automated and digital-led approach, which delivers complex high-quality buildings three times faster than traditional solutions.

“Our product platform designs are proving to deliver real, tangible growth, and are built to enhanced quality standards compared to traditional construction, whilst also promising better performance, quality, reliability, and 60 year longevity.

“Net zero also remains a key driver for us and is a focus of significant R&D investment in 2024.”

The firm has one of the largest construction manufacturing facilities in the UK at 263,000sq ft after a recently-completed expansion.