Stepnell Limited has reported a “successful” 2023/24 trading period in its latest financial results.
The business posted profits of more than £1 million, with turnover increasing by more than 15 per cent in the period.
Stepnell attributes the result to a focused business strategy and operational performance, as well as comprehensive project programming and change control measures to increase efficiency.
The business places early engagement as a core priority, facilitating budget transparency and collaboration.
Stepnell has secured 90 per cent of its 2024/25 planned revenue budget – a ten per cent increase from last year – citing frameworks and repeat business as the principal sources of its workload.
It follows agreement by shareholders to demerge the Stepnell Group – splitting the construction, property management, and property investment elements of the business.
Stepnell aims to conclude the demerger in January 2025, whereupon managing director Tom Wakeford will continue to lead Stepnell Limited, the construction business with its existing leadership team and Step Energy, its decarbonisation and renewables business.
“Our latest performance has seen us consolidate our position through improved performance across a range of key indicators,” said Wakeford.
“The increase in turnover is a demonstration of planned growth in targeted areas and progress across the business, despite the prevailing market challenges.
“High interest rates continue to affect projects starting on site as client budgets come under pressure.
“Transparency over budgets is absolutely critical in this regard, creating and nurturing positive relationships that improve client and project outcomes.
“Where we are engaged early on a project, we see a far greater probability that the scheme will progress as we are able to provide early budget advice, identify and address technical problems, and deliver value-led solutions for clients and their communities.
“We operate with a healthy project pipeline, our property portfolio remains strong, and we continue to secure placement on key industry public sector frameworks.
“This facilitates continual improvement of our offering to our clients and the supply chain we work with.”
He added: “We’re finding enhanced governance and selectivity at all levels is allowing us to recognise and manage significant business risks that are typically associated with lowest price single-stage tendering.”
Stepnell operates regionally from offices in Nottingham, Rugby, Wantage, Bristol, Southampton, and Poole.
Was this interesting? Try: Unnamed global investor to take stake in JRL Group
If you have a tip or story idea that fits with our publication, please contact the news editor rory@wavenews.co.uk
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.