Statom Group has outlined a business expansion after reporting continued growth in its latest financial results.
Turnover for the year ended 30 November 2023 increased by 27 per cent to £143.2 million compared to £113 million in the prior financial period, generating a pre-tax profit of £8 million (FY2022: £7.3 million).
The Essex-headquartered contractor was awarded multi-phase RC Frame contracts in London which supported this performance and FY2024 revenue projections, it said.
In addition to offices in Crawley and Thurrock, the group recently acquired a new 9,000 sq. ft office in London Bridge which will become the new management hub of the business “to support the next phase of growth”.
Gross profit was reported at £14.9 million, compared to £13.1 million in the previous financial year.
Statom posted an operating profit of £9.1 million (FY2022: £8 million) and profit for the year of £6.2 million (FY2022: £5.9 million).
Cash was reported at £15.3 million, up from £9.1 million in the prior period.
Net assets were valued at £18.2 million (FY2022: £11.9 million).
However, no dividends were paid during the latest financial year, or in FY2022.
“The directors are pleased to report another transformative year of trading with continued growth supported by investment and key hires in senior management roles,” said the group.
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