As the contractor continues to evaluate contracts wisely, Stepnell observed a decrease in turnover in its most recent statistics.
Pre-tax profits grew from £1 million to £1.25 million, but revenue for the year ending March 31, 2022, decreased from £104 million to £90 million.
Stepnell reported that owing to pandemic-related delays, its turnover was “somewhat below what was budgeted.”
“The dip was also due to the firm’s sustained strong governance, turning down projects that didn’t fit its criteria,” the statement read.
The current financial year’s predicted revenue is more than £100 million, according to managing director Tom Wakeford, who is still “cautiously hopeful.”
We are pleased with these results following a difficult year for the building industry, he said. The market is still uneven, with some of our rivals experiencing a skills gap and rising material costs.
“We continue to be cautiously optimistic that our business model, which focuses on terms and conditions with lower risk, will support us. Stepnell is better positioned to resist market uncertainties because we are working on more projects than ever before.
The 155-year-old family-owned company, which conducts business throughout central and southern England, underwent a successful corporate reorganisation earlier this year. The Stepnell Group, which also owns a portfolio of real estate and development projects, continues to be a successful construction company.
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