Nottingham construction firm reports over £1m in profits

Construction firm Stepnell has reported its 2022/23 financial results, achieving over £1m in profits.

Implementing internal procedures, such as on-site project program controls, has helped boost the firm’s financial and commercial returns, leading to their profit.

Looking ahead Stepnell has secured 80% of its 2023/24 revenue budget, primarily through frameworks and repeated work.

Tom Wakeford, managing director of Stepnell, said “Our performance reflects an ongoing commitment to performance improvement, and we are pleased with these results especially given the challenging circumstances of project budgets being squeezed by cost increases from rising inflation, an energy crisis, and shortages right across the industry, which is slowing the progress of planned projects.

“Although turnover is slightly less than projected, our collaborative and early engagement approach to both our team and clients is what remains our key strength. As a family owned and led business, established in 1867 with a strong balance sheet, we can continue to be trusted, with our clients turning to us to deliver high quality service, good communication and excellent quality.”