Regional builder says bottom line stayed flat despite one-off hit for move
Regional contractor Stepnell said the cost of a demerger it wrapped up at the end of September was more than £800,000.
In accounts filed at Companies House, the firm, which is based in Rugby, Warwickshire, said the bill for the move was just under £805,000.
The firm was part of Stepnell Group, that also included property management and investment arms, but last year announced it was splitting from the wider business.
The one-off costs failed to blunt its bottom line with Stepnell seeing pre-tax profit in the year to March staying flat at just over £1m on turnover up 4% to £113m.
It said its net cash position after the demerger was close to £16m, which was up from £9m at the end of March – itself a rise on the £3m it posted for the year to March 2024.
In the accounts, the firm said: “The increase in cash is a demonstration of business wide focus of being paid what we are due on time by our clients and the progressive agreement and conclusion of final accounts.”
Stepnell is led by Tom Wakeford, a member of the Wakeford family which set up the business nearly 120 years ago.
Wakeford said income this year was forecast to be up by 20% and added: “With the demerger completed, positive framework renewals, a significantly improved cash position and a strong pipeline of work, the business is well positioned for the coming years.”
The firm said 96% of its current year’s revenue had been secured by the end of August.
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