For the year ending 30th June 2022, Merit made a pre-tax profit of £4.0m (2021: £1.0m) on turnover of £63.7m (2021: £41.8m) on the back of a string of major project wins and completions and the use of its proprietary platform design.
During the financial year, Merit completed the UK’s first Messenger RNA vaccine manufacturing facility for CPI in Darlington, which was handed over in 30 weeks.
Work has also completed on the first phase of the UK’s first CAR T-cell and gene therapy manufacturing facility based in Stevenage for Autolus Theraputics. This was a £66m development which utilised Merit’s Flexi Pod, a hybrid system suitable for complex high technology facilities. It comprised aspects of modern methods of construction for the shell and core, and an offsite manufactured fit-out that was facilitated through a pre-assembled module (PAM) and pod strategy.
Work also started on the £45m expansion project for Piramal’s antibody drug conjugate manufacturing facility at Grangemouth.
As previously reported, Merit is also is building an additional 4,000 sqm of double-height factory space at its base in Cramlington, Northumberland. extending its total factory space to more than 29,000 sqm. The extension will provide capability to assemble products up to three-storeys high, enabling pre-commissioning before delivery and for clients to see their facilities before installation.
Merit also reports improved productivity, with output per employee rising from £247,000 to £275,000 during the year.
Chief executive and majority shareholder Tony Wells said: “These results show that the business is now beyond a proof-of-concept stage and is delivering sustainable and profitable growth. Our approach and products are being chosen to deliver significant UK projects faster, more efficiently and more sustainably than traditional building methods.
“We are confident of maintaining our current growth path and winning further strategically important projects, as we continue to refine our products with a clear focus on innovation and automation. We’re investing in people, apprentices, technology, and factories, to underpin future demand. We are also helping inward investment back to the UK where life science companies are choosing us over overseas competitors.”