Seddon Group’s turnover for the year to December 2023 was £160.7m (2022: £153.9m) and the group returned to profit, making £4.6m. In 2022 it had made a pre-tax loss of £13.0m).
The main trading subsidiary, Seddon Construction Ltd, grew turnover by nearly 4% to £155.3m (2022: £149.8m) and made a pre-tax profit of £202,000 (2022: £15.0m loss)
“The challenges of inflation, materials & labour availability and spiralling energy costs that our industry was faced with in 2022 continued to some extent in 2023,” chief executive Jonathan Seddon wrote in the annual report. “However, the group was better equipped and prepared to deal with these challenges and was able to improve its trading position significantly in the year.”
He added: “The turnover increase in 2023 is modest given the inflationary environment but this was very much intentional and was a direct result of a high degree of selectivity around projects in order to manage our risk exposure and to focus on opportunities that we are best equipped to deliver.”
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