Solid Stepnell sees turnover rise
Construction firm Stepnell has posted solid full-year results – with profits remaining relatively stable and turnover up.
The firm’s 2023/24 figures show profits up 15% on last year’s £93.7m, while profits came in at “in excess of £1m”. Last year the firm made a surplus of just over £1.3m.
Stepnell operates from offices in Nottingham, Rugby, Wantage, Bristol, Southampton and Poole.
Stepnell says it has already secured 90% of its 2024/25 planned revenue budget – a 10% increase from last year – citing frameworks and repeat business as the principal sources of its workload.
Tom Wakeford, managing director, said: “Our latest performance has seen us consolidate our position through improved performance across a range of key indicators. The increase in turnover is a demonstration of planned growth in targeted areas and progress across the business, despite the prevailing market challenges.
“High interest rates continue to affect projects starting on site as client budgets come under pressure. Transparency over budgets is absolutely critical in this regard, creating and nurturing positive relationships that improve client and project outcomes.
“Where we are engaged early on a project, we see a far greater probability that the scheme will progress as we are able to provide early budget advice, identify and address technical problems, and deliver value-led solutions for clients and their communities.
“We operate with a healthy project pipeline, our property portfolio remains strong, and we continue to secure placement on key industry public sector frameworks. This facilitates continual improvement of our offering to our clients and the supply chain we work with.”
The news follows an agreement by shareholders to demerge the Stepnell Group – splitting the construction, property management and property investment arms of the business.
Stepnell aims to conclude the demerger in January 2025, when Tom Wakeford will continue to lead Stepnell Ltd, the construction business with its existing leadership team and Step Energy, its decarbonisation and renewables business.
