For the year to 31st March 2022, Stepnell made a pre-tax profit of £1.25m on turnover of £90m. In the previous year it made £1.0m on £105m turnover.
Directors attributed the £15m decline in turnover partly to pandemic-related project delays and partly to being more picky about choosing what jobs to take on.
They say the books reflect “a controlled performance in a tumultuous year”.
Turnover this year is predicted to be back above £100m again, given that the order book is substantially full.
Managing director Tom Wakeford said: “We welcome these results after a challenging year for the construction industry. The market remains mixed with a number of our competitors struggling with a shortage of skills – and rising prices of materials.
“We remain cautiously optimistic that our business model, with a focus on lower risk terms and conditions, will hold us in good stead. Stepnell has a more diversified range of projects than ever before and this will position us to withstand market risks.”
The 155-year-old family-owned firm, which operates across central and southern England, reorganised earlier year. Brothers Tom and Edward Wakeford took control of Stepnell Group, including Stepnell Construction and property and development interests. Their cousins Mark and Richard Wakeford took over Evoenergy, Brackley Investments, Whitecross PFI contract and Aspen Retirement, which were demerged from the group. [See previous report here.]
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