Space Solutions, the Aberdeen-based office fit-out firm, has experienced a 6% increase in revenue for the year ending June 2024, although pre-tax profits fell to £807,000, down from £826,000 the prior year.
The company, which has been creating award-winning interiors since 1997, has seen substantial growth in recent years. This latest revenue figure represents a continuation of their strong performance, following a 42% increase in turnover to £43 million reported in their previous financial year ending 30 June 2022.
“Profitability is disappointing, that’s a fact, but that is reflective of a sluggish market.”
Meanwhile, he said there was ongoing “deal drag” as uncertainty caused delays in decision-making from clients.
“2024 was reflective of prevailing economic conditions and uncertainty in the market.
The presumption against oil and gas industries from both Holyrood and Westminster has had an impact on companies in north-east Scotland.”
“There are a number of businesses we’ve been working with who’ve been disposing of assets.
“Cost reduction is an imperative.”
The firm, headquartered in Aberdeen’s West End and employing 121 individuals, has noted a rise in demand from companies in the renewables sector. It is also collaborating with businesses eager to cut costs.
Mr Judge stated that their operations in Aberdeen have centred around revitalising older properties, and that the shortage of Grade A office spaces in the city has led to a rise in initiatives to reinvent and refresh quality older spaces.
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