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Tue July 16 2024

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Stepnell steady in face of cost pressures

13 Sep 23 Rugby-based construction contractor has posted modest increases in turnover and profit in its latest accounts.

For the year to March 2023 Stepnell made a pre-tax profit of £1.27m on turnover of £93.7m

Pre-tax profit was up by just 1% on the previous while turnover was up by 3.5%.

Managing director Tom Wakeford said “Our performance reflects an ongoing commitment to performance improvement, and we are pleased with these results especially given the challenging circumstances of project budgets being squeezed by cost increases from rising inflation, an energy crisis, and shortages right across the industry, which is slowing the progress of planned projects.”

Looking ahead, Stepnell has already secured 80% of its 2023/24 planned revenue budget, citing frameworks and repeat work as the main sources of procurement.

“We have a solid foundation to keep building on our success,” Tom Wakeford said. “Our work across a number of frameworks is helping to secure a healthy project pipeline, this includes successes with the Scape Regional Construction framework and Southern Construction Framework (SCF). Our property portfolio also remains well let.

“Although turnover is slightly less than projected, our collaborative and early engagement approach to both our team and clients is what remains our key strength. As a family owned and led business, established in 1867 with a strong balance sheet, we can continue to be trusted, with our clients turning to us to deliver high quality service, good communication and excellent quality.”

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