Stepnell Limited has achieved stable turnover and profits amid a challenging trading period.
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.
- 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).
“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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