In 2018 Novus Property Solutions made a pre-tax profit of £5.54m (2017: £5.44m) on sales of £155.8m (2017: £148.6m).
The business, has earmarked £2m of its profits to support new investment in 2019. Planned projects include several digital transformation initiatives. Novus is working on integrating its IT systems with its clients’ estate management software and property databases and automated internal processes.
Novus was formerly Seddon Property Services until the Seddon family broke the group up in 2013. It provides maintenance and construction services to the social housing, university, retail and hotel sectors. It has its headquarters in Stoke-on-Trent and operates from 27 locations across the UK.
Earlier this year, Novus was listed among the top five fastest payers to its supply chain with an average of only 26 days against an industry average of 43 days.
In February 2019, Novus appointed Alan Nixon as its new chief executive to replace Neil Hand, who had been with the company since 1981. Alan Nixon is also a long-server, having been with the company more than 30 years.
Alan Nixon said of the 2018 financial results: “In a market beset with uncertainty, we had another year to be proud of. We grew revenues and profits sustainably as we achieved our business plan, while significantly strengthening our balance sheet so that we can continue to invest in innovation this year and over the long-term.
“Novus, under the guidance of its chairman and fourth generation of the Seddon family, Stuart Seddon, was committed to being a responsible contractor that gave something back to its communities, long before it became a requirement in contract bids. We’re pleased to report strong data on our CSR [corproate social responsibility] investment alongside our trading performance.
“Our BITC [Business in the Community] award and recent commendation for industry-leading payment practices all stem from our culture, which is rooted in being a family-owned business. Ensuring the principles that stem from this continue to guide how we operate, even as we scale the business, is an important objective for myself and the board.
“Looking ahead, the market remains tight. But, with our customer-centric approach and spend on exciting new digital innovations, we’re well placed to continue on our path of manageable growth.”