Contract woes hit Stepnell for £30m

By Dave Rogers2021-04-20T10:54:00

Regional contractor’s restated 2019 accounts send it nosediving into red

Previously underestimated losses on problem contracts at regional contractor Stepnell have forced it to revise its accounts from two years ago with the firm restating its 2019 results from a £1.1m pre-tax profit to a £29m loss in the 12 months to March that year.

The firm said a contract review had triggered the move which it largely blamed on a single job “where ground conditions necessitated extensive ground remediation works”.

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