Constructor’s profits more than double to £5.1m
Bolton-based builder and developer Seddon says pre-tax profits in 2016 more than doubled to £5.1m.
The family-run firm also saw turnover increase by 22.1% in the 12 months to December 31 to nearly £210m, up from £172.8m in 2015.
Seddon’s construction division accounts for £152.3m of the group’s total turnover, and reported a pre-tax profit of £1m.
The Seddon group chief executive Jonathan Seddon said: “We’re obviously delighted that Seddon’s construction division has returned to profit following a challenging few years for the industry.
“What’s even more pleasing is we’re seeing the benefits of structural changes, in particular empowering our regional directors and the influence of managing director, Peter Jackson.”
The improved financial results reflect a number of major changes at the business over the past two years.
In March 2017, Seddon promoted chief operating officer Peter Jackson to the role of managing director on Seddon Construction.
Previous MD, Jonathan Seddon, was appointed chairman of Seddon Construction, in addition to his role as chief executive of the Seddon group.
In 2016, the firm had also secured 79% of its budgeted contracting work for the year and had completed 64 per cent of its contracting work with repeat customers.
Seddon continued: “These results are a vindication of Seddon’s emphasis on investing in customer relationships and our people, in the North West and beyond, and we will continue to seek to develop repeat custom from long-term partnerships.”
