Stepnell, a construction partner, has reported a successful 2023/24 financial year, with profits exceeding £1m ($1.26m) and a turnover increase of more than 15%.
Operating regionally with offices in Bristol, Nottingham, Poole, Rugby, Southampton, and Wantage, and the company has demonstrated resilience amidst economic instability in the construction market.
The company’s success is attributed to its strategic focus on business efficiency, including comprehensive project programming and change control measures.
Stepnell emphasises early engagement with clients, ensuring budget transparency and fostering a collaborative working environment.
Looking forward, Stepnell has secured 90% of its planned revenue budget already for 2024/25, marking a 10% increase from the previous year.
The company credits frameworks and repeat business as key contributors to its workload.
Stepnell also prioritises social value, with social value managers operating across its regional units and a commitment to strong ESG practices and internal culture.
Recently, shareholders have agreed to demerge the Stepnell Group, separating the construction, property management, and property investment sectors.
The demerger is set to conclude in January 2025, with Tom Wakeford continuing to lead Stepnell and its existing leadership team, as well as the decarbonisation and renewables division, Step Energy.
The company offers a range of services, including construction, property and development, energy solutions, joinery, and concrete repairs.
Stepnell managing director Tom Wakeford said: “Our latest performance has seen us consolidate our position through improved performance across a range of key indicators. The increase in turnover is a demonstration of planned growth in targeted areas and progress across the business, despite the prevailing market challenges.
“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.”
“Stepnell reports robust financial performance” was originally created and published by World Construction Network, a GlobalData owned brand.
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