Firm says group’s contracting arm hit by stalled public sector work
Family-owned contractor Seddon saw turnover slip last year as the firm said revenue was hit by delayed public sector jobs.
Group turnover in the 12 months to December fell 3% to £144m with pre-tax profit dropping 17% to £5m although the Bolton firm’s contracting arm, which is the bulk of the firm’s business with income of £136m, improved pre-tax profit one third to £3m.
It added: “Turnover in our contracting businesses was adversely impacted by continuing challenges which paused and delayed a number of large public sector opportunities that had formed part of our expected workload for the year.”
But it said that Seddon Developments, which specialises in healthcare and commercial property development, reported a pre-tax loss of £1.9m from a £600,000 profit last time.
Year-end cash was up a quarter to £11.7m.
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