Regional contractor has tightened up controls after being hit with problem jobs four years ago
Regional contractor Stepnell said it was happy to turn work down and not meet its revenue budget in order to make sure it didn’t load itself with problem jobs.
The firm had to restate 2019 profits after problem jobs sent it from a £1.1m pre-tax profit to a £29m loss in the 12 months to March that year.
Since then, the firm, which is based in Rugby, Warwickshire, has tightened up its controls and in its results for 2023 said it missed its turnover target “partly due to our robust governance in declining opportunities to trade”.
It added the ongoing conflict in Ukraine along with rising interest rates, inflation and energy costs had also helped put the brakes on workloads.
But turnover was up 3.5% to nearly £94m in the year to March with pre-tax profit flat at £1.3m.
Stepnell, which signed off its latest accounts at the end of last month, added that it had secured 80% of its planned 2024 revenue already and said it had “no significant ‘work in progress’ exposure. All significant final accounts have been satisfactorily concluded which have improved our cash position prior to the signing of these accounts.”
It said the number of staff remained around the same level as last year at 311.