Stable turnover and profits for Stepnell

Accounts for the Warwickshire construction firm to 31 March 2023 were steady overall and revealed an improved cash position on 2022.  

Stepnell also secured contracts exceeding 80% of its YE2024 revenue budget, via frameworks, preferred bidder or two-stage tenders. 

Highlights 

• Turnover: £93.6 million (FY2022: £90.4 million) 
• Gross profit: £7.3 million (FY2022: £6.3 million) 
• Operating profit: £1.4 million (FY2022: £1 million) 
• Profit before tax: £1.26 million (FY2022: £1.25 million) 
• Profit for the year: £1.3 million (FY2022: £1.3 million) 

Cash (at the bank and in hand) was reported at £2.7 million, compared to £2.2 million the previous year.  

The company’s cash position was improved by it having no significant ‘work in progress’ exposure and all final accounts settled before year end. 

A £50,000 dividend was paid in the year; a further dividend in specie of £235,000 was also settled as part of a demerger process.  

Net assets, including P&L, were valued at £18.5 million (FY2022: £17.4 million). 

Outlook 

“Our focus on continual improvement and being agile in our business approach enabled us to deliver a solid result whilst also investing in improving our internal processes in authorising projects […] and improving project programme controls on site, which will undoubtedly provide our teams with greater financial and commercial returns and, in particular, cash management,” the company said at the time.  

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