Pictured: Deanestor CEO, William Tonkinson
Deanestor, one of the UK’s leading furniture and fitout specialists, has released its latest financial results for the year ending December 2023 which show a £3m increase in turnover to £22.4m and a record order intake of over £30m.
Forward orders have increased by more than £3m to over £30m compared to the same period last year for projects to be delivered through to the end of 2025.
Turnover rose by £3m in 2023, up from £19.2m in the previous year and again with a healthy operating profit. Net assets in the same period increased by £1.5m.
Projects have been delivered and awarded across diverse market sectors – healthcare, education, student living and build-to-rent – for the manufacture and installation of fitted furniture, bespoke kitchens and specialist joinery, and with a high level of repeat business from tier one contractors and major residential property developers.
In Scotland, Deanestor continues to perform well from its regional headquarters in Fife, particularly in the education sector. Current projects include Deanestor’s 13th school FF&E project for Robertson Construction – a £3.8m contract for the new East End Community Campus in Dundee.
“This latest set of figures demonstrates strong and sustainable growth for the business across multiple sectors," says William Tonkinson, CEO of Deanestor. "We have an exceptionally healthy project pipeline and are anticipating an increase in turnover to £24m by the end of 2024.
“Our financial performance is testament to the hard work of our teams in the East Midlands and in Fife – from design and estimating to manufacturing and work on site – who help our clients achieve the balance between first class FF&E services, finishes of the highest quality and project delivery to the required budget and programme. Quality and longevity are vitally important for fitting out retained assets – from hospitals that are operational 24/7 to co-living apartments that require strong tenant appeal, long-term.”
Projects nearing completion in the PRS sector include a contract worth around £2.5m to provide 399 bespoke, high specification kitchens for Winvic Construction at New Garden Square in Birmingham – Deanestor’s third built-to-rent neighbourhood for Moda.
Also in the co-living sector, Deanestor has just been awarded a contract for more than 100 kitchens for a multi-tenure project in the EdCity development in London’s White City, working once again with Bowmer + Kirkland.
Hospital fitout contracts totalling £4m have also been secured, the largest of which is a project worth more than £1m for Integrated Health Projects (IHP) – a joint venture between VINCI and Sir Robert McAlpine, to fit out two 54-bed adult mental health facilities at Kingsway Hospital in Derby and in the grounds of Chesterfield Royal Hospital.
Deanestor’s latest major project in the student living sector is a £2m contract to fit out the bedrooms, studio and communal kitchens for a 550-bed scheme.
