Seddon defies gloom to increase sales

HOUSEBUILDER Seddon Group has increased its sales and profits over the past year despite the ongoing “difficult economic conditions”.

The company, which is headquartered at Holmes Chapel, near Crewe, in Cheshire has seen its turnover increase by 2.8% to £255.6m from £248.6m last time.

Its profits before tax and exceptional items have increased by 1.7% to £9,514,000 from £9,358,000.

In the financial statements for the year to the end of December 2009, the company attributes the improved performance to its success in managing cash balances throughout the year.

The report states: “Our residential and commercial property developments faced a difficult trading environment in 2009.

“Trading performance in the contracting businesses remained steady throughout most of 2009, however the second half saw a number of projects either being cancelled or delayed.

“The directors note that trading conditions remain difficult and as a result they have reviewed the value of the group’s goodwill, value of development land stock and value of work in progress.”

Seddon Group also underwent a corporate restructure last July which resulted in its contracting operations being combined into one operation named Seddon Construction.

The company is continuing to invest in its future and has been appointed to a number of long tern framework agreements.

The report adds: “The housing market now appears to have bottomed out and there is now increased interest from potential customers.

“The company continues to research and provide training in relation to new developments and innovations within the construction industry.”

Seddon Group also revealed that it is appealing against a fine of £1,516,646 which it had imposed by the Office of Fair Trading.

As previously reported in TheBusinessDesk.com, the company was among several in the North West to received the fine last September for rigging contract bids.